Financial Code - FIN
DIVISION 2. SAVINGS ASSOCIATION LAW [5000 - 10009]
( Division 2 repealed and added by Stats. 1983, Ch. 1091, Sec. 2. ) CHAPTER 2. Corporate Organization and Corporate Changes [5400 - 5868]
( Chapter 2 added by Stats. 1983, Ch. 1091, Sec. 2. ) ARTICLE 10. Mutual Holding Companies [5860 - 5868]
( Article 10 added by Stats. 1988, Ch. 718, Sec. 10. ) 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 holding company by causing a reorganized savings and loan association to be incorporated and organized as a stock association under this chapter, transferring to the reorganized stock association a substantial part of the assets of that mutual association and causing the reorganized stock association to assume all or a substantial part of the liabilities of the mutual association, including all of its savings account liabilities.
(Added by Stats. 1988, Ch. 718, Sec. 10.)