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AB-1227 Credit unions.(2013-2014)

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AB1227:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Assembly Bill
No. 1227


Introduced by Assembly Member Linder

February 22, 2013


An act to amend Section 14101.8 of the Financial Code, relating to credit unions.


LEGISLATIVE COUNSEL'S DIGEST


AB 1227, as introduced, Linder. Credit unions.
Existing law, the California Credit Union Law, provides for the regulation and certification of credit unions by the Commissioner of Financial Institutions. Existing law generally provides that an amendment of the articles of a credit union is not effective unless filed with the Secretary of State.
This bill would make nonsubstantive changes to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 14101.8 of the Financial Code is amended to read:

14101.8.
 (a) No An amendment of the articles of a credit union shall not become effective unless the certificate of amendment or other instrument setting forth the amendment is filed with the Secretary of State with the commissioner’s approval endorsed thereon. The amendment shall become effective upon being filed with the Secretary of State. Promptly after the amendment becomes effective, the credit union shall file with the commissioner a copy of the certificate of amendment or other instrument certified by the Secretary of State.
(b) An amendment of the articles set forth in an agreement of merger that requires the approval of the commissioner shall not be subject to the provisions of subdivision (a). An amendment meeting this criteria shall become effective at the time the merger becomes effective, pursuant to this division.