California Financial Code ARTICLE 10 - Mutual Holding Companies

• Section 5860.
  Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become a mutual...
• Section 5861.
  Upon transfer of assets and assumption of liabilities pursuant to Section 5860, persons who prior thereto held savings accounts with, or other rights as creditors...
• Section 5862.
  A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual...
• Section 5863.
  An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner may require. The commissioner...
• Section 5864.
  In connection with reorganization pursuant to the provisions of this article, a mutual association may, subject to the approval of the commissioner, retain capital assets...
• Section 5865.
  A mutual holding company shall be deemed to be a savings association continuing its organization under this division and may engage only in activities authorized...
• Section 5866.
  Sections 5801, 5802, and 5803 shall not apply to a reorganization pursuant to this article.(Added by Stats. 1988, Ch. 718, Sec. 10.)
• Section 5867.
  Notwithstanding any other provision of law, a reorganized stock association may exercise any and all powers, rights, and privileges of and be subject to all...
• Section 5868.
  A reorganized stock association shall have the power to issue additional amounts of capital stock to the mutual holding company of which it is a...

Last modified: October 22, 2018