The commissioner, after a determination of value made in accordance with Article 4 (commencing with Section 8150) of Chapter 7, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association’s books, be charged off against current operations, or that a special reserve or reserves equal to the overvaluation be set up by transfers from retained earnings or reserves.
Cal. Fin. Code § 8010
Department of Savings and Loan
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Amended by Stats. 1989, Ch. 868, Sec. 10
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.