State Codes and Statutes

Statutes > California > Fin > 180-185

FINANCIAL CODE
SECTION 180-185



180.  In this chapter, unless the provision or context requires
otherwise:
   (a) "New General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
and after January 1, 1977.
   (b) "Prior Banking Law" means this division, as in effect on
December 31, 1978.
   (c) "Prior General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
December 31, 1976.
   (d) "Revised Banking Law" means this division, as in effect on and
after January 1, 1979.
   (e) "Subject institution" means:
   (1) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the commercial banking business under Division 1
(commencing with Section 99) of the Financial Code.
   (2) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the trust business under Division 1 (commencing with
Section 99) of the Financial Code.
   (3) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, business under Article 1 (commencing with Section
3500), Chapter 19 of this division.



181.  For purposes of Chapter 23 (commencing with Section 2300) of
the new General Corporation Law, in the case of any subject
institution existing on January 1, 1979:
   (a) The term "new law" shall mean the new General Corporation Law,
subject, however, to the provisions of Section 101 of the revised
banking law.
   (b) The term "prior law" shall mean the prior General Corporation
Law, subject, however, to the provisions of Section 101 of the prior
Banking Law.
   (c) The term "effective date" shall mean January 1, 1979.



182.  (a) Sections 600 and 600.2 of the revised Banking Law shall
not apply to any subject institution existing on January 1, 1979,
unless and until an amendment of the articles of such subject
institution is filed with the Secretary of State pursuant to Section
2302 of the new General Corporation Law.
   (b) An amendment of the articles of a subject institution existing
on January 1, 1979, which is filed with the Secretary of State
pursuant to Section 2302 of the new General Corporation Law may be
adopted by approval of the board alone in accordance with the second
sentence of Section 2302 of the new General Corporation Law,
notwithstanding the fact that such amendment changes such articles to
conform to the provisions of Sections 600 and 600.2 of the revised
Banking Law.
   (c) Neither Article 6 (commencing with Section 690), Chapter 5 of
the revised Banking Law nor Section 904 of the new General
Corporation Law shall apply to an amendment of the articles of a
subject institution existing on January 1, 1979, which is filed with
the Secretary of State pursuant to Section 2302 of the new General
Corporation Law on account of the fact that such amendment conforms
such articles to the provisions of Section 600.2 of the revised
Banking Law.


184.  In case the board of a subject institution has, prior to
January 1, 1979, adopted a resolution levying an assessment on the
common shares of such subject institution in accordance with an order
issued by the commissioner pursuant to Section 661 of the prior
Banking Law:
   (a) If the assessment has, prior to January 1, 1979, become a lien
on the common shares in accordance with Section 2704 of the prior
General Corporation Law, the assessment shall be collected pursuant
to the prior General Corporation Law:
   (b) Otherwise, the resolution shall be deemed to be rescinded on
January 1, 1979.



185.  Article 3 (commencing with Section 640), Chapter 5 of the
revised Banking Law applies to any distribution to its shareholders
made after January 1, 1979, by a subject institution existing on
January 1, 1979, except that any such distribution effected pursuant
to a contract for the purchase or redemption of shares entered into
by such subject institution prior to January 1, 1979, may be made if
permissible under the applicable provisions of the revised Banking
Law and the new General Corporation Law or under the applicable
provisions of the prior Banking Law and the prior General Corporation
Law in effect at the time such contract was entered into.


State Codes and Statutes

Statutes > California > Fin > 180-185

FINANCIAL CODE
SECTION 180-185



180.  In this chapter, unless the provision or context requires
otherwise:
   (a) "New General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
and after January 1, 1977.
   (b) "Prior Banking Law" means this division, as in effect on
December 31, 1978.
   (c) "Prior General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
December 31, 1976.
   (d) "Revised Banking Law" means this division, as in effect on and
after January 1, 1979.
   (e) "Subject institution" means:
   (1) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the commercial banking business under Division 1
(commencing with Section 99) of the Financial Code.
   (2) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the trust business under Division 1 (commencing with
Section 99) of the Financial Code.
   (3) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, business under Article 1 (commencing with Section
3500), Chapter 19 of this division.



181.  For purposes of Chapter 23 (commencing with Section 2300) of
the new General Corporation Law, in the case of any subject
institution existing on January 1, 1979:
   (a) The term "new law" shall mean the new General Corporation Law,
subject, however, to the provisions of Section 101 of the revised
banking law.
   (b) The term "prior law" shall mean the prior General Corporation
Law, subject, however, to the provisions of Section 101 of the prior
Banking Law.
   (c) The term "effective date" shall mean January 1, 1979.



182.  (a) Sections 600 and 600.2 of the revised Banking Law shall
not apply to any subject institution existing on January 1, 1979,
unless and until an amendment of the articles of such subject
institution is filed with the Secretary of State pursuant to Section
2302 of the new General Corporation Law.
   (b) An amendment of the articles of a subject institution existing
on January 1, 1979, which is filed with the Secretary of State
pursuant to Section 2302 of the new General Corporation Law may be
adopted by approval of the board alone in accordance with the second
sentence of Section 2302 of the new General Corporation Law,
notwithstanding the fact that such amendment changes such articles to
conform to the provisions of Sections 600 and 600.2 of the revised
Banking Law.
   (c) Neither Article 6 (commencing with Section 690), Chapter 5 of
the revised Banking Law nor Section 904 of the new General
Corporation Law shall apply to an amendment of the articles of a
subject institution existing on January 1, 1979, which is filed with
the Secretary of State pursuant to Section 2302 of the new General
Corporation Law on account of the fact that such amendment conforms
such articles to the provisions of Section 600.2 of the revised
Banking Law.


184.  In case the board of a subject institution has, prior to
January 1, 1979, adopted a resolution levying an assessment on the
common shares of such subject institution in accordance with an order
issued by the commissioner pursuant to Section 661 of the prior
Banking Law:
   (a) If the assessment has, prior to January 1, 1979, become a lien
on the common shares in accordance with Section 2704 of the prior
General Corporation Law, the assessment shall be collected pursuant
to the prior General Corporation Law:
   (b) Otherwise, the resolution shall be deemed to be rescinded on
January 1, 1979.



185.  Article 3 (commencing with Section 640), Chapter 5 of the
revised Banking Law applies to any distribution to its shareholders
made after January 1, 1979, by a subject institution existing on
January 1, 1979, except that any such distribution effected pursuant
to a contract for the purchase or redemption of shares entered into
by such subject institution prior to January 1, 1979, may be made if
permissible under the applicable provisions of the revised Banking
Law and the new General Corporation Law or under the applicable
provisions of the prior Banking Law and the prior General Corporation
Law in effect at the time such contract was entered into.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 180-185

FINANCIAL CODE
SECTION 180-185



180.  In this chapter, unless the provision or context requires
otherwise:
   (a) "New General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
and after January 1, 1977.
   (b) "Prior Banking Law" means this division, as in effect on
December 31, 1978.
   (c) "Prior General Corporation Law" means Division 1 (commencing
with Section 100), Title 1 of the Corporations Code, as in effect on
December 31, 1976.
   (d) "Revised Banking Law" means this division, as in effect on and
after January 1, 1979.
   (e) "Subject institution" means:
   (1) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the commercial banking business under Division 1
(commencing with Section 99) of the Financial Code.
   (2) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, the trust business under Division 1 (commencing with
Section 99) of the Financial Code.
   (3) Any corporation incorporated under the laws of this state
which is, with the approval of the commissioner, incorporated for the
purpose of engaging in, or which is authorized by the commissioner
to engage in, business under Article 1 (commencing with Section
3500), Chapter 19 of this division.



181.  For purposes of Chapter 23 (commencing with Section 2300) of
the new General Corporation Law, in the case of any subject
institution existing on January 1, 1979:
   (a) The term "new law" shall mean the new General Corporation Law,
subject, however, to the provisions of Section 101 of the revised
banking law.
   (b) The term "prior law" shall mean the prior General Corporation
Law, subject, however, to the provisions of Section 101 of the prior
Banking Law.
   (c) The term "effective date" shall mean January 1, 1979.



182.  (a) Sections 600 and 600.2 of the revised Banking Law shall
not apply to any subject institution existing on January 1, 1979,
unless and until an amendment of the articles of such subject
institution is filed with the Secretary of State pursuant to Section
2302 of the new General Corporation Law.
   (b) An amendment of the articles of a subject institution existing
on January 1, 1979, which is filed with the Secretary of State
pursuant to Section 2302 of the new General Corporation Law may be
adopted by approval of the board alone in accordance with the second
sentence of Section 2302 of the new General Corporation Law,
notwithstanding the fact that such amendment changes such articles to
conform to the provisions of Sections 600 and 600.2 of the revised
Banking Law.
   (c) Neither Article 6 (commencing with Section 690), Chapter 5 of
the revised Banking Law nor Section 904 of the new General
Corporation Law shall apply to an amendment of the articles of a
subject institution existing on January 1, 1979, which is filed with
the Secretary of State pursuant to Section 2302 of the new General
Corporation Law on account of the fact that such amendment conforms
such articles to the provisions of Section 600.2 of the revised
Banking Law.


184.  In case the board of a subject institution has, prior to
January 1, 1979, adopted a resolution levying an assessment on the
common shares of such subject institution in accordance with an order
issued by the commissioner pursuant to Section 661 of the prior
Banking Law:
   (a) If the assessment has, prior to January 1, 1979, become a lien
on the common shares in accordance with Section 2704 of the prior
General Corporation Law, the assessment shall be collected pursuant
to the prior General Corporation Law:
   (b) Otherwise, the resolution shall be deemed to be rescinded on
January 1, 1979.



185.  Article 3 (commencing with Section 640), Chapter 5 of the
revised Banking Law applies to any distribution to its shareholders
made after January 1, 1979, by a subject institution existing on
January 1, 1979, except that any such distribution effected pursuant
to a contract for the purchase or redemption of shares entered into
by such subject institution prior to January 1, 1979, may be made if
permissible under the applicable provisions of the revised Banking
Law and the new General Corporation Law or under the applicable
provisions of the prior Banking Law and the prior General Corporation
Law in effect at the time such contract was entered into.


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