An association holding investments which have been approved by the commissioner shall not be required to dispose of them or to establish a reserve account if later the commissioner rescinds approval of the investments.
Cal. Fin. Code § 7251
Investment in Securities
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.