California Financial Code ARTICLE 1 - General Powers

• Section 6500.
  (a) Each association incorporated pursuant to or operating under the provisions of this division shall have all the powers enumerated, authorized, and permitted by this division...
• Section 6501.
  An association may have perpetual existence, adopt and use a corporate seal which may be affixed by imprint, facsimile, or otherwise, and adopt and amend...
• Section 6502.
  An association may sue, be sued, complain, and defend in any court.(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
• Section 6502.5.
  An association may, acquire, hold, sell, develop, subdivide, dispose of, and convey real and personal property consistent with its objects and powers. It may mortgage,...
• Section 6503.
  (a) No association or subsidiary thereof, without the prior written consent of the commissioner, shall enter into either of the following:(1) Any transaction or modification of any...
• Section 6504.
  (a) Except by the prior written consent of the commissioner, an association in organization that is not a member of a federal home loan bank may...
• Section 6505.
  (a) An association may issue and sell, directly or through underwriters, capital certificates that represent nonwithdrawable capital contributions, and constitute part of the reserves and statutory...
• Section 6507.
  An association may qualify as and become a member of a federal home loan bank and a home loan bank established as an agency or...
• Section 6508.
  An association may become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to any organization or instrumentality...
• Section 6509.
  An association may act as depository for receipt of payments of federal or state taxes and loan funds, and may satisfy any related federal or...
• Section 6510.
  An association may sell any loan, including a participating interest in a loan, at any time.(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
• Section 6511.
  Loans secured by real property may be sold to, and are legal investments for, among others, any public or private pension fund, credit union, labor...
• Section 6513.
  An association may service loans and investments for others.(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
• Section 6514.
  (a) An association may act, and receive compensation for so acting, as trustee of any trust created or organized in the United States and forming a...
• Section 6515.
  (a) Notwithstanding any provisions of Division 1 (commencing with Section 99), Section 202 of the Corporations Code, or any other provisions of law relating to trusts...
• Section 6516.
  (a) Subject to regulations issued by the commissioner, an association may own and use or participate in the use or ownership and use of remote service...
• Section 6517.
  Subject to Regulation E (12 CFR Part 205) and to rules and regulations of the commissioner, an association may transfer funds between holders of savings...
• Section 6518.
  (a) An association may maintain and rent safes, boxes, or other receptacles or premises for the safekeeping of personal property upon terms and conditions that may...
• Section 6519.
  An association may sell money orders, travel checks, and similar instruments drawn by it on its bank accounts or as agent for any organization empowered...
• Section 6520.
  An association, service corporation, or a person authorized in writing by an association may act as an agent for others except that an association may...
• Section 6521.
  (a) Notwithstanding the provisions of Division 6 (commencing with Section 17000) or any other provision of law, an association or service corporation may act as an...
• Section 6522.
  (a) An association that declares and pays dividends may distribute its own shares or may make payments in cash or property. Payment of cash or property...
• Section 6523.
  (a) An association may use advertising, whether printed, broadcasted by radio, televised, displayed, or communicated in any other manner or make any representation that is accurate...
• Section 6524.
  An association may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment company...
• Section 6525.
  (a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, an association, a subsidiary or...
• Section 6525.5.
  Except with the prior written consent of the commissioner:(a) No person who has been convicted of any criminal offense involving dishonesty or breach of trust may...
• Section 6526.
  An association may issue commercial and standby letters of credit in conformance with the Uniform Commercial Code or the Uniform Customs and Practice for Documentary...
• Section 6527.
  If a loan or other investment is authorized under more than one section of this division an association may designate under which section the loan...
• Section 6528.
  An association may provide correspondent services primarily to other depository institutions to the extent that the activity does not violate other provisions of law.(a) An association...
• Section 6529.
  (a) No affiliated person of a savings association may receive, either directly or indirectly, from the association, a subsidiary thereof, or any other source any fee...
• Section 6530.
  (a) No savings association may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privileges of employment because the employee (or...

Last modified: October 22, 2018