California Financial Code ARTICLE 6 - Conversions

• Section 5700.
  A state association may convert itself into a federal association by following the procedure outlined in Sections 5701 through 5708.(Repealed and added by Stats. 1983,...
• Section 5701.
  At any regular or special meeting called to consider the conversion of an association into a federal association, in the case of a stock association,...
• Section 5702.
  Any executor, administrator, guardian, conservator of a natural person or receiver, and any fiduciary or trustee, and any public corporation, political subdivision, public instrumentality, charitable...
• Section 5703.
  Promptly after the meeting approving a conversion into a federal association, the association shall file in the office of the commissioner a certificate verified by...
• Section 5704.
  A certified copy of the certificate required by Section 5703 filed in the office of the Secretary of State is presumptive evidence of the holding...
• Section 5705.
  After the meeting of the stockholders and members, the association shall take any action necessary to make it a federal association, and promptly after receipt...
• Section 5706.
  At the time the conversion into a federal association becomes effective the association ceases to be supervised by this state and all of the property...
• Section 5707.
  The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706 in its own right as fully and to the same...
• Section 5708.
  Where a copy of a charter of a federal association, issued by the Federal Home Loan Bank Board pursuant to the laws of the United...
• Section 5709.
  Any federal association may convert itself into an association by following the procedure set forth in Sections 5710 through 5718.(Amended by Stats. 1984, Ch. 287,...
• Section 5710.
  At any regular or special meeting called to consider the action, the stockholders and members entitled to vote by an affirmative majority of the votes...
• Section 5711.
  Copies of the minutes of the proceedings of the meeting of the stockholders or members in which they vote to convert into an association, verified...
• Section 5712.
  The verified copies of the minutes of the meeting, when filed as required by Section 5711, are presumptive evidence of the holding and action of...
• Section 5713.
  After a meeting as provided for in Section 5710, the federal association shall take or cause to be taken such action as shall make it...
• Section 5714.
  The directors of an association converted from a federal association may insert in the articles of incorporation the following statement: “This association is incorporated by...
• Section 5715.
  Promptly after the filing of the articles of incorporation with the Secretary of State, there shall be filed with the federal home loan bank of...
• Section 5716.
  Upon the filing of the articles of incorporation with the Secretary of State, the federal association ceases to be a federal association and is an...
• Section 5717.
  The converted association shall have, hold, and enjoy the property mentioned in Section 5716 in its own right as fully and to the same extent...
• Section 5718.
  In the event stock is to be issued by the converted association, the commissioner may issue an organizing permit to the federal association or to...

Last modified: October 22, 2018