State Codes and Statutes

Statutes > California > Fin > 18535-18538

FINANCIAL CODE
SECTION 18535-18538



18535.  Guaranty Corporation shall establish and maintain a
guarantee fund as follows:
   (a) Each new member, other than a new special member, shall pay
one hundred thousand dollars ($100,000) to the guarantee fund to
become a member.
   (b) Whenever the commissioner finds that the controlling interest
or 50 percent or more of the stock of a member which paid less than
one hundred thousand dollars ($100,000) to become a member has been
transferred, the member shall pay to the fund whatever sums are
necessary to bring the member's total contribution pursuant to
subdivision (a) to one hundred thousand dollars ($100,000) or 1
percent of the member's total outstanding thrift obligations on the
date of transfer, whichever is less.
   As used in this subdivision "controlling interest" means any
percentage of stock which allows the stockholder to have control of
management of the member company.
   The provisions of this subdivision shall not be applicable (1) if
the transfer of stock is between affiliated companies of a holding
company and the holding company is exempt from the qualification
requirement of Section 25130 of the Corporate Securities Law of 1968
by subdivision (a) or (b) of Section 25101 of the Corporations Code,
or (2) if the actual or contemplated change of ownership is to the
transferor's ancestors, descendants, or spouse, or any custodian or
trustee for the account of the transferor or the transferor's
ancestors, descendants, or spouse, or to a transferee by a trustee or
custodian for the account of the transferee or the transferee's
ancestors, descendants, or spouse.
   This subdivision shall apply, commencing January 1, 1987, to any
member in existence prior to January 1, 1982. All other members shall
be subject to this subdivision on and after January 1, 1982.
   (c) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year is less than 1 1/2 percent of the total outstanding thrift
obligations of all members, other than special members, as shown on
the most recent independent audit reports required by Section 18405,
then on or before May 1 of that year Guaranty Corporation shall levy
an assessment. Each member, other than a special member, shall be
assessed an amount equal to fifteen-hundredths of 1 percent of its
outstanding thrift obligations as shown on its most recent
independent audit report required by Section 18405. Guaranty
Corporation may levy this assessment quarterly, based on members'
quarterly reports, at one quarter of the annual assessment rate
authorized by this subdivision.
   (d) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year hereafter is equal to or in excess of 1 1/2 percent of the
total outstanding thrift obligations of all members, other than
special members, as shown on the most recent independent audit
reports required by Section 18405, then on or before May 1 of that
year Guaranty Corporation shall levy an assessment on each member,
other than a special member, that has not fulfilled both the
following conditions as of March 15 of that year:
   (1) Paid total cumulative assessment payments to Guaranty
Corporation exceeding in the aggregate 1 1/2 percent of the total
outstanding thrift obligations of that member shown on its most
recent independent audit report required by Section 18405;
   (2) Has a member's account balance in Guaranty Corporation
exceeding 1 1/2 percent of the total outstanding thrift obligations
of that member shown on its most recent independent audit report
required by Section 18405.
   Each member who has failed to fulfill both the preceding
conditions as of March 15 of that year shall be assessed an amount
equal to fifteen-hundredths of 1 percent of its outstanding thrift
obligations as shown on its most recent independent audit report
required by Section 18405.
   (e) If two members merge prior to May 1 of any year, the surviving
member shall be liable for the assessment of the disappearing member
that would have been payable to Guaranty Corporation pursuant to
subdivision (c) or (d) had the merger not occurred prior to May 1.



18536.  Guaranty Corporation shall send a written notice of
assessment to each member assessed within 10 days after the levy of
any assessment. Amounts assessed shall be paid to Guaranty
Corporation by each member assessed not later than 90 days following
written notice of assessment.



18538.  In the event any member fails to pay an assessment when due,
Guaranty Corporation shall report such default in writing to the
commissioner and the defaulting member within 24 hours of such
default and thereafter the rights and benefits of membership of such
defaulting member in Guaranty Corporation shall be suspended and the
defaulting member shall not be authorized to sell or issue its
investment certificates in any form until all delinquent assessments
are paid in full; provided, however, that the thrift obligations of
the defaulting member shall continue to be protected as provided in
this chapter. Within 30 days after default, Guaranty Corporation
shall bring an action in law or in equity to enforce payment. If
Guaranty Corporation does not bring such action within the time
specified, the commissioner may bring an action in law or in equity
to enforce such payment. Upon payment of all sums due, the member
shall be reinstated and thereafter may sell and issue its investment
certificates.

State Codes and Statutes

Statutes > California > Fin > 18535-18538

FINANCIAL CODE
SECTION 18535-18538



18535.  Guaranty Corporation shall establish and maintain a
guarantee fund as follows:
   (a) Each new member, other than a new special member, shall pay
one hundred thousand dollars ($100,000) to the guarantee fund to
become a member.
   (b) Whenever the commissioner finds that the controlling interest
or 50 percent or more of the stock of a member which paid less than
one hundred thousand dollars ($100,000) to become a member has been
transferred, the member shall pay to the fund whatever sums are
necessary to bring the member's total contribution pursuant to
subdivision (a) to one hundred thousand dollars ($100,000) or 1
percent of the member's total outstanding thrift obligations on the
date of transfer, whichever is less.
   As used in this subdivision "controlling interest" means any
percentage of stock which allows the stockholder to have control of
management of the member company.
   The provisions of this subdivision shall not be applicable (1) if
the transfer of stock is between affiliated companies of a holding
company and the holding company is exempt from the qualification
requirement of Section 25130 of the Corporate Securities Law of 1968
by subdivision (a) or (b) of Section 25101 of the Corporations Code,
or (2) if the actual or contemplated change of ownership is to the
transferor's ancestors, descendants, or spouse, or any custodian or
trustee for the account of the transferor or the transferor's
ancestors, descendants, or spouse, or to a transferee by a trustee or
custodian for the account of the transferee or the transferee's
ancestors, descendants, or spouse.
   This subdivision shall apply, commencing January 1, 1987, to any
member in existence prior to January 1, 1982. All other members shall
be subject to this subdivision on and after January 1, 1982.
   (c) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year is less than 1 1/2 percent of the total outstanding thrift
obligations of all members, other than special members, as shown on
the most recent independent audit reports required by Section 18405,
then on or before May 1 of that year Guaranty Corporation shall levy
an assessment. Each member, other than a special member, shall be
assessed an amount equal to fifteen-hundredths of 1 percent of its
outstanding thrift obligations as shown on its most recent
independent audit report required by Section 18405. Guaranty
Corporation may levy this assessment quarterly, based on members'
quarterly reports, at one quarter of the annual assessment rate
authorized by this subdivision.
   (d) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year hereafter is equal to or in excess of 1 1/2 percent of the
total outstanding thrift obligations of all members, other than
special members, as shown on the most recent independent audit
reports required by Section 18405, then on or before May 1 of that
year Guaranty Corporation shall levy an assessment on each member,
other than a special member, that has not fulfilled both the
following conditions as of March 15 of that year:
   (1) Paid total cumulative assessment payments to Guaranty
Corporation exceeding in the aggregate 1 1/2 percent of the total
outstanding thrift obligations of that member shown on its most
recent independent audit report required by Section 18405;
   (2) Has a member's account balance in Guaranty Corporation
exceeding 1 1/2 percent of the total outstanding thrift obligations
of that member shown on its most recent independent audit report
required by Section 18405.
   Each member who has failed to fulfill both the preceding
conditions as of March 15 of that year shall be assessed an amount
equal to fifteen-hundredths of 1 percent of its outstanding thrift
obligations as shown on its most recent independent audit report
required by Section 18405.
   (e) If two members merge prior to May 1 of any year, the surviving
member shall be liable for the assessment of the disappearing member
that would have been payable to Guaranty Corporation pursuant to
subdivision (c) or (d) had the merger not occurred prior to May 1.



18536.  Guaranty Corporation shall send a written notice of
assessment to each member assessed within 10 days after the levy of
any assessment. Amounts assessed shall be paid to Guaranty
Corporation by each member assessed not later than 90 days following
written notice of assessment.



18538.  In the event any member fails to pay an assessment when due,
Guaranty Corporation shall report such default in writing to the
commissioner and the defaulting member within 24 hours of such
default and thereafter the rights and benefits of membership of such
defaulting member in Guaranty Corporation shall be suspended and the
defaulting member shall not be authorized to sell or issue its
investment certificates in any form until all delinquent assessments
are paid in full; provided, however, that the thrift obligations of
the defaulting member shall continue to be protected as provided in
this chapter. Within 30 days after default, Guaranty Corporation
shall bring an action in law or in equity to enforce payment. If
Guaranty Corporation does not bring such action within the time
specified, the commissioner may bring an action in law or in equity
to enforce such payment. Upon payment of all sums due, the member
shall be reinstated and thereafter may sell and issue its investment
certificates.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 18535-18538

FINANCIAL CODE
SECTION 18535-18538



18535.  Guaranty Corporation shall establish and maintain a
guarantee fund as follows:
   (a) Each new member, other than a new special member, shall pay
one hundred thousand dollars ($100,000) to the guarantee fund to
become a member.
   (b) Whenever the commissioner finds that the controlling interest
or 50 percent or more of the stock of a member which paid less than
one hundred thousand dollars ($100,000) to become a member has been
transferred, the member shall pay to the fund whatever sums are
necessary to bring the member's total contribution pursuant to
subdivision (a) to one hundred thousand dollars ($100,000) or 1
percent of the member's total outstanding thrift obligations on the
date of transfer, whichever is less.
   As used in this subdivision "controlling interest" means any
percentage of stock which allows the stockholder to have control of
management of the member company.
   The provisions of this subdivision shall not be applicable (1) if
the transfer of stock is between affiliated companies of a holding
company and the holding company is exempt from the qualification
requirement of Section 25130 of the Corporate Securities Law of 1968
by subdivision (a) or (b) of Section 25101 of the Corporations Code,
or (2) if the actual or contemplated change of ownership is to the
transferor's ancestors, descendants, or spouse, or any custodian or
trustee for the account of the transferor or the transferor's
ancestors, descendants, or spouse, or to a transferee by a trustee or
custodian for the account of the transferee or the transferee's
ancestors, descendants, or spouse.
   This subdivision shall apply, commencing January 1, 1987, to any
member in existence prior to January 1, 1982. All other members shall
be subject to this subdivision on and after January 1, 1982.
   (c) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year is less than 1 1/2 percent of the total outstanding thrift
obligations of all members, other than special members, as shown on
the most recent independent audit reports required by Section 18405,
then on or before May 1 of that year Guaranty Corporation shall levy
an assessment. Each member, other than a special member, shall be
assessed an amount equal to fifteen-hundredths of 1 percent of its
outstanding thrift obligations as shown on its most recent
independent audit report required by Section 18405. Guaranty
Corporation may levy this assessment quarterly, based on members'
quarterly reports, at one quarter of the annual assessment rate
authorized by this subdivision.
   (d) If the total amount in the fund (less any then unpaid demand
made by the commissioner pursuant to Section 18492) on March 15 of
any year hereafter is equal to or in excess of 1 1/2 percent of the
total outstanding thrift obligations of all members, other than
special members, as shown on the most recent independent audit
reports required by Section 18405, then on or before May 1 of that
year Guaranty Corporation shall levy an assessment on each member,
other than a special member, that has not fulfilled both the
following conditions as of March 15 of that year:
   (1) Paid total cumulative assessment payments to Guaranty
Corporation exceeding in the aggregate 1 1/2 percent of the total
outstanding thrift obligations of that member shown on its most
recent independent audit report required by Section 18405;
   (2) Has a member's account balance in Guaranty Corporation
exceeding 1 1/2 percent of the total outstanding thrift obligations
of that member shown on its most recent independent audit report
required by Section 18405.
   Each member who has failed to fulfill both the preceding
conditions as of March 15 of that year shall be assessed an amount
equal to fifteen-hundredths of 1 percent of its outstanding thrift
obligations as shown on its most recent independent audit report
required by Section 18405.
   (e) If two members merge prior to May 1 of any year, the surviving
member shall be liable for the assessment of the disappearing member
that would have been payable to Guaranty Corporation pursuant to
subdivision (c) or (d) had the merger not occurred prior to May 1.



18536.  Guaranty Corporation shall send a written notice of
assessment to each member assessed within 10 days after the levy of
any assessment. Amounts assessed shall be paid to Guaranty
Corporation by each member assessed not later than 90 days following
written notice of assessment.



18538.  In the event any member fails to pay an assessment when due,
Guaranty Corporation shall report such default in writing to the
commissioner and the defaulting member within 24 hours of such
default and thereafter the rights and benefits of membership of such
defaulting member in Guaranty Corporation shall be suspended and the
defaulting member shall not be authorized to sell or issue its
investment certificates in any form until all delinquent assessments
are paid in full; provided, however, that the thrift obligations of
the defaulting member shall continue to be protected as provided in
this chapter. Within 30 days after default, Guaranty Corporation
shall bring an action in law or in equity to enforce payment. If
Guaranty Corporation does not bring such action within the time
specified, the commissioner may bring an action in law or in equity
to enforce such payment. Upon payment of all sums due, the member
shall be reinstated and thereafter may sell and issue its investment
certificates.

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