Notwithstanding the provisions of Section 1132, a bank or a majority-owned subsidiary of a bank may, with the prior approval of the commissioner, make a distribution to the shareholders of such bank in an amount not exceeding the greatest of:
(a) The retained earnings of the bank;
(b) The net income of the bank for its last fiscal year; or
(c) The net income of the bank for its current fiscal year.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
Last modified: October 25, 2018