California Code of Regulations
Title 10 - Investment
Chapter 2 - Savings and Loan Commissioner
Subchapter 3 - Applications and Hearings
Article 6 - Investments-Service Corporations and Business Development Credit Corporations
Section 103.601 - Articles of Incorporation and Bylaws

Universal Citation: 10 CA Code of Regs 103.601

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

The articles of incorporation and bylaws of the service corporation shall be approved by the commissioner in writing, concurrent with the submission of an application by an association to invest in or buy capital stock, obligations or other securities of the service corporation.

(a) The articles of incorporation of each common, wholly owned or independent service corporation shall provide that the service corporation is organized to engage in activities as are approved by the commissioner.

(b) The bylaws of a common or wholly owned service corporation shall provide, and the certificates of stock issued shall carry, notice that the stock shall be only available for purchase by, and nontransferable other than to, a domestic or federal savings and loan association having their home offices in this State.

1. Change without regulatory effect renumbering former Section 230.1 to Section 103.601 (Register 87, No. 14). For prior history, see Register 82, No. 52.

Note: Authority cited: Sections 5255 and 6702.1, Financial Code. Reference: Section 6702.1, Financial Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.