State Codes and Statutes

Statutes > California > Fin > 18130-18139

FINANCIAL CODE
SECTION 18130-18139



18130.  The capital stock of an industrial loan company incorporated
under this division shall not be less than:
   (a) Five hundred thousand dollars ($500,000), if incorporated or
commencing business on or before July 8, 1975.
   (b) Seven hundred fifty thousand dollars ($750,000), and a paid-in
surplus of five hundred thousand dollars ($500,000), at the time
business is commenced, if incorporated or commencing business on or
after July 9, 1975.
   (c) Industrial loan companies which commenced business prior to
July 9, 1975, and which do not meet the capital stock and paid-in
surplus requirements of this section shall be governed until January
1, 1987, by Sections 18130, 18131, 18132, 18133, 18134, and 18135 of
the Financial Code, as in effect on December 31, 1983.



18131.  In addition to the capital stock required by Section 18130,
an industrial loan company which has branch offices or which opens an
additional branch office or place of business shall have additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.


18132.  An industrial loan company may declare a dividend on its
capital stock only if the company has minimum unimpaired capital of
seven hundred fifty thousand dollars ($750,000) plus additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.



18137.  An industrial loan company shall not reduce its capital
stock to an amount less than is required by this article to be
maintained by such company or less than any indebtedness of such
company other than its investment certificates.




18138.  (a) No person may acquire in the aggregate 10 percent or
more of the capital stock of, or the capital of, an industrial loan
company through purchase, foreclosure pursuant to a pledge or
hypothecation, or other devices without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock of, or the capital of, an industrial loan company, or
prior to any person acquiring additional capital stock or capital of
an industrial loan company which would result in an aggregate
acquisition of 10 percent or more of the capital stock or of the
capital, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition.
   (b) No person may acquire in the aggregate 10 percent or more of
the capital stock or other securities that have voting power or
control over the management of a holding company as defined in
Section 18025 through purchase, foreclosure pursuant to a pledge or
hypothecation, or otherwise without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock or other securities that have voting power or control
over the management of a holding company as described herein, or
prior to any person acquiring additional capital stock or other
securities that have voting power or control over the management of a
holding company as described herein which would result in an
aggregate acquisition of 10 percent or more of the capital stock or
other securities, or prior to any person acquiring 10 percent or more
of the capital stock or other securities that have voting power or
control over the management of a holding company as described herein,
through the conversion of a security into another security or
through the exercise of a right to purchase or subscribe to another
security, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition notwithstanding subdivision (e) of Section 25017 of the
Corporations Code.
   (c) With respect to the application required to be filed under
subdivisions (a) and (b), the commissioner shall consent in writing
or decline to consent within 60 days of the filing of a completed
application.
   (d) An application for consent under subdivision (a) or (b) shall
be in the form and contain information as the commissioner may by
rule or order require and shall be accompanied by a fee of four
hundred dollars ($400).



18139.  A sale, merger, or conversion involving an industrial loan
company and another industrial loan company, a bank, or a savings
association is subject to Division 1.5 (commencing with Section
4800).

State Codes and Statutes

Statutes > California > Fin > 18130-18139

FINANCIAL CODE
SECTION 18130-18139



18130.  The capital stock of an industrial loan company incorporated
under this division shall not be less than:
   (a) Five hundred thousand dollars ($500,000), if incorporated or
commencing business on or before July 8, 1975.
   (b) Seven hundred fifty thousand dollars ($750,000), and a paid-in
surplus of five hundred thousand dollars ($500,000), at the time
business is commenced, if incorporated or commencing business on or
after July 9, 1975.
   (c) Industrial loan companies which commenced business prior to
July 9, 1975, and which do not meet the capital stock and paid-in
surplus requirements of this section shall be governed until January
1, 1987, by Sections 18130, 18131, 18132, 18133, 18134, and 18135 of
the Financial Code, as in effect on December 31, 1983.



18131.  In addition to the capital stock required by Section 18130,
an industrial loan company which has branch offices or which opens an
additional branch office or place of business shall have additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.


18132.  An industrial loan company may declare a dividend on its
capital stock only if the company has minimum unimpaired capital of
seven hundred fifty thousand dollars ($750,000) plus additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.



18137.  An industrial loan company shall not reduce its capital
stock to an amount less than is required by this article to be
maintained by such company or less than any indebtedness of such
company other than its investment certificates.




18138.  (a) No person may acquire in the aggregate 10 percent or
more of the capital stock of, or the capital of, an industrial loan
company through purchase, foreclosure pursuant to a pledge or
hypothecation, or other devices without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock of, or the capital of, an industrial loan company, or
prior to any person acquiring additional capital stock or capital of
an industrial loan company which would result in an aggregate
acquisition of 10 percent or more of the capital stock or of the
capital, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition.
   (b) No person may acquire in the aggregate 10 percent or more of
the capital stock or other securities that have voting power or
control over the management of a holding company as defined in
Section 18025 through purchase, foreclosure pursuant to a pledge or
hypothecation, or otherwise without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock or other securities that have voting power or control
over the management of a holding company as described herein, or
prior to any person acquiring additional capital stock or other
securities that have voting power or control over the management of a
holding company as described herein which would result in an
aggregate acquisition of 10 percent or more of the capital stock or
other securities, or prior to any person acquiring 10 percent or more
of the capital stock or other securities that have voting power or
control over the management of a holding company as described herein,
through the conversion of a security into another security or
through the exercise of a right to purchase or subscribe to another
security, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition notwithstanding subdivision (e) of Section 25017 of the
Corporations Code.
   (c) With respect to the application required to be filed under
subdivisions (a) and (b), the commissioner shall consent in writing
or decline to consent within 60 days of the filing of a completed
application.
   (d) An application for consent under subdivision (a) or (b) shall
be in the form and contain information as the commissioner may by
rule or order require and shall be accompanied by a fee of four
hundred dollars ($400).



18139.  A sale, merger, or conversion involving an industrial loan
company and another industrial loan company, a bank, or a savings
association is subject to Division 1.5 (commencing with Section
4800).


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 18130-18139

FINANCIAL CODE
SECTION 18130-18139



18130.  The capital stock of an industrial loan company incorporated
under this division shall not be less than:
   (a) Five hundred thousand dollars ($500,000), if incorporated or
commencing business on or before July 8, 1975.
   (b) Seven hundred fifty thousand dollars ($750,000), and a paid-in
surplus of five hundred thousand dollars ($500,000), at the time
business is commenced, if incorporated or commencing business on or
after July 9, 1975.
   (c) Industrial loan companies which commenced business prior to
July 9, 1975, and which do not meet the capital stock and paid-in
surplus requirements of this section shall be governed until January
1, 1987, by Sections 18130, 18131, 18132, 18133, 18134, and 18135 of
the Financial Code, as in effect on December 31, 1983.



18131.  In addition to the capital stock required by Section 18130,
an industrial loan company which has branch offices or which opens an
additional branch office or place of business shall have additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.


18132.  An industrial loan company may declare a dividend on its
capital stock only if the company has minimum unimpaired capital of
seven hundred fifty thousand dollars ($750,000) plus additional
capital stock of fifty thousand dollars ($50,000) for each branch
office.



18137.  An industrial loan company shall not reduce its capital
stock to an amount less than is required by this article to be
maintained by such company or less than any indebtedness of such
company other than its investment certificates.




18138.  (a) No person may acquire in the aggregate 10 percent or
more of the capital stock of, or the capital of, an industrial loan
company through purchase, foreclosure pursuant to a pledge or
hypothecation, or other devices without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock of, or the capital of, an industrial loan company, or
prior to any person acquiring additional capital stock or capital of
an industrial loan company which would result in an aggregate
acquisition of 10 percent or more of the capital stock or of the
capital, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition.
   (b) No person may acquire in the aggregate 10 percent or more of
the capital stock or other securities that have voting power or
control over the management of a holding company as defined in
Section 18025 through purchase, foreclosure pursuant to a pledge or
hypothecation, or otherwise without the written consent of the
commissioner. Prior to any person acquiring 10 percent or more of the
capital stock or other securities that have voting power or control
over the management of a holding company as described herein, or
prior to any person acquiring additional capital stock or other
securities that have voting power or control over the management of a
holding company as described herein which would result in an
aggregate acquisition of 10 percent or more of the capital stock or
other securities, or prior to any person acquiring 10 percent or more
of the capital stock or other securities that have voting power or
control over the management of a holding company as described herein,
through the conversion of a security into another security or
through the exercise of a right to purchase or subscribe to another
security, that person seeking the acquisition shall make written
application to the commissioner requesting written consent for the
acquisition notwithstanding subdivision (e) of Section 25017 of the
Corporations Code.
   (c) With respect to the application required to be filed under
subdivisions (a) and (b), the commissioner shall consent in writing
or decline to consent within 60 days of the filing of a completed
application.
   (d) An application for consent under subdivision (a) or (b) shall
be in the form and contain information as the commissioner may by
rule or order require and shall be accompanied by a fee of four
hundred dollars ($400).



18139.  A sale, merger, or conversion involving an industrial loan
company and another industrial loan company, a bank, or a savings
association is subject to Division 1.5 (commencing with Section
4800).

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