State Codes and Statutes

Statutes > California > Fin > 5203-5209

FINANCIAL CODE
SECTION 5203-5209



5203.  (a) The name, rights, powers, privileges, and immunities of
each association in existence on the effective date of this division
shall be governed by the provisions of this division to the same
extent and effect as if the association had been incorporated
pursuant to this division. The articles of incorporation and bylaws
of an association existing on the effective date of this division may
be amended to conform to the provisions of this division, with or
without the issuance or approval by the commissioner of conformed
copies of those documents, and the provisions in the articles and
bylaws are superseded to the extent that they are inconsistent with
the provisions of this division, except that the obligations of the
existing association between the association and its stockholders,
members, or any valid contract between the stockholders or members of
the association or between the association and any other persons,
existing at the time this division takes effect, shall not be
impaired by the provisions of this division. With these exceptions,
each association in existence on the effective date of this division
shall possess all the rights, powers, privileges, and immunities and
shall be subject to all the duties, liabilities, disabilities, and
restrictions conferred and imposed by this division, notwithstanding
anything to the contrary in its articles of incorporation, bylaws, or
rules.
   (b) The power of each association in existence on the effective
date of this division pursuant to its articles of incorporation or
bylaws to issue voting interests to savings account holders, shall
not be impaired by any provision of this division.



5204.  (a) Wherever it is stated in this division that an agreement
or contract contrary to any of the division's provisions is void, the
statement is limited to the particular portion of the agreement or
contract that is contrary to the provision, and the entire agreement
or contract is not void unless the particular part is not a separable
portion.
   Unless expressly so provided by the commissioner, the violation of
any provision of this division does not render invalid any
agreement, contract, stock, savings account, note, trust deed,
mortgage, or other instrument.
   (b) No provision of this division imposing any liability, either
civil or criminal, applies to any act done or omitted in good faith
in conformity with any rule, regulation, approval, consent, order,
direction, or other act of the commissioner, even if the rule,
regulation, approval, consent, order, direction, or other act of the
commissioner is amended, rescinded, or determined invalid by judicial
or other authority, after the act or omission.



5205.  Whenever the term " association" is used in any provision of
law, such term shall be deemed to include savings banks organized
under this division; and wherever the term "federal association" is
so used, such term shall be deemed to include federal savings banks.



5205.5.  (a) All references in this division to financial
statements, balance sheets, income statements, and statements of
changes in financial position of an association and all references to
assets, liabilities, earnings, retained earnings, shareholders'
equity, and similar accounting items of an association, mean
financial statements or items prepared or determined in conformity
with generally accepted accounting principles then applicable which
fairly present in conformity with generally accepted accounting
principles the matters that they purport to present, subject to any
specific accounting treatment required or permitted by any provision
of this division, or by any regulation or order issued under this
division.
   (b) The commissioner may, by regulation or order, require any
financial statement or accounting item of an association to be
prepared or determined in a manner other than in conformity with
generally accepted accounting principles if it is found that the
other manner of preparation or determination is necessary or
appropriate to carry out the purposes or provisions of this division.
A report utilizing accounting methods required pursuant to the
provisions of this subdivision shall not be available for other than
purposes as provided by the commissioner.



5206.  Whenever the terms "board of directors," "directors," or
"director" are used in any provision of law, such terms shall mean,
with respect to savings banks organized under this division, "board
of trustees," "trustees," or "trustee."




5207.  If any provision, clause, or phrase of this division or
application to any person or circumstance is held invalid, its
invalidity shall not affect other provisions or applications of this
division that can be given effect without the invalid provisions or
application, and to this end, the provisions of this division are
separable.



5208.  This division, being a comprehensive coverage of its subject
matter, shall not be deemed to be impliedly repealed, in whole or in
part, by subsequent legislation not specifically repealing it, if
that construction can be avoided.


5209.  Insofar as the provisions of this division are inconsistent
with any other law in effect at the time the provisions of this
division are enacted, the provisions of this division shall control.
Except as provided in subdivision (a) of Section 6500, nothing within
this section is intended to provide for preemption of other
provisions of law expressly overruling the provisions of this
division and enacted subsequent to the effective date of the
inconsistent provision within this division.


State Codes and Statutes

Statutes > California > Fin > 5203-5209

FINANCIAL CODE
SECTION 5203-5209



5203.  (a) The name, rights, powers, privileges, and immunities of
each association in existence on the effective date of this division
shall be governed by the provisions of this division to the same
extent and effect as if the association had been incorporated
pursuant to this division. The articles of incorporation and bylaws
of an association existing on the effective date of this division may
be amended to conform to the provisions of this division, with or
without the issuance or approval by the commissioner of conformed
copies of those documents, and the provisions in the articles and
bylaws are superseded to the extent that they are inconsistent with
the provisions of this division, except that the obligations of the
existing association between the association and its stockholders,
members, or any valid contract between the stockholders or members of
the association or between the association and any other persons,
existing at the time this division takes effect, shall not be
impaired by the provisions of this division. With these exceptions,
each association in existence on the effective date of this division
shall possess all the rights, powers, privileges, and immunities and
shall be subject to all the duties, liabilities, disabilities, and
restrictions conferred and imposed by this division, notwithstanding
anything to the contrary in its articles of incorporation, bylaws, or
rules.
   (b) The power of each association in existence on the effective
date of this division pursuant to its articles of incorporation or
bylaws to issue voting interests to savings account holders, shall
not be impaired by any provision of this division.



5204.  (a) Wherever it is stated in this division that an agreement
or contract contrary to any of the division's provisions is void, the
statement is limited to the particular portion of the agreement or
contract that is contrary to the provision, and the entire agreement
or contract is not void unless the particular part is not a separable
portion.
   Unless expressly so provided by the commissioner, the violation of
any provision of this division does not render invalid any
agreement, contract, stock, savings account, note, trust deed,
mortgage, or other instrument.
   (b) No provision of this division imposing any liability, either
civil or criminal, applies to any act done or omitted in good faith
in conformity with any rule, regulation, approval, consent, order,
direction, or other act of the commissioner, even if the rule,
regulation, approval, consent, order, direction, or other act of the
commissioner is amended, rescinded, or determined invalid by judicial
or other authority, after the act or omission.



5205.  Whenever the term " association" is used in any provision of
law, such term shall be deemed to include savings banks organized
under this division; and wherever the term "federal association" is
so used, such term shall be deemed to include federal savings banks.



5205.5.  (a) All references in this division to financial
statements, balance sheets, income statements, and statements of
changes in financial position of an association and all references to
assets, liabilities, earnings, retained earnings, shareholders'
equity, and similar accounting items of an association, mean
financial statements or items prepared or determined in conformity
with generally accepted accounting principles then applicable which
fairly present in conformity with generally accepted accounting
principles the matters that they purport to present, subject to any
specific accounting treatment required or permitted by any provision
of this division, or by any regulation or order issued under this
division.
   (b) The commissioner may, by regulation or order, require any
financial statement or accounting item of an association to be
prepared or determined in a manner other than in conformity with
generally accepted accounting principles if it is found that the
other manner of preparation or determination is necessary or
appropriate to carry out the purposes or provisions of this division.
A report utilizing accounting methods required pursuant to the
provisions of this subdivision shall not be available for other than
purposes as provided by the commissioner.



5206.  Whenever the terms "board of directors," "directors," or
"director" are used in any provision of law, such terms shall mean,
with respect to savings banks organized under this division, "board
of trustees," "trustees," or "trustee."




5207.  If any provision, clause, or phrase of this division or
application to any person or circumstance is held invalid, its
invalidity shall not affect other provisions or applications of this
division that can be given effect without the invalid provisions or
application, and to this end, the provisions of this division are
separable.



5208.  This division, being a comprehensive coverage of its subject
matter, shall not be deemed to be impliedly repealed, in whole or in
part, by subsequent legislation not specifically repealing it, if
that construction can be avoided.


5209.  Insofar as the provisions of this division are inconsistent
with any other law in effect at the time the provisions of this
division are enacted, the provisions of this division shall control.
Except as provided in subdivision (a) of Section 6500, nothing within
this section is intended to provide for preemption of other
provisions of law expressly overruling the provisions of this
division and enacted subsequent to the effective date of the
inconsistent provision within this division.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 5203-5209

FINANCIAL CODE
SECTION 5203-5209



5203.  (a) The name, rights, powers, privileges, and immunities of
each association in existence on the effective date of this division
shall be governed by the provisions of this division to the same
extent and effect as if the association had been incorporated
pursuant to this division. The articles of incorporation and bylaws
of an association existing on the effective date of this division may
be amended to conform to the provisions of this division, with or
without the issuance or approval by the commissioner of conformed
copies of those documents, and the provisions in the articles and
bylaws are superseded to the extent that they are inconsistent with
the provisions of this division, except that the obligations of the
existing association between the association and its stockholders,
members, or any valid contract between the stockholders or members of
the association or between the association and any other persons,
existing at the time this division takes effect, shall not be
impaired by the provisions of this division. With these exceptions,
each association in existence on the effective date of this division
shall possess all the rights, powers, privileges, and immunities and
shall be subject to all the duties, liabilities, disabilities, and
restrictions conferred and imposed by this division, notwithstanding
anything to the contrary in its articles of incorporation, bylaws, or
rules.
   (b) The power of each association in existence on the effective
date of this division pursuant to its articles of incorporation or
bylaws to issue voting interests to savings account holders, shall
not be impaired by any provision of this division.



5204.  (a) Wherever it is stated in this division that an agreement
or contract contrary to any of the division's provisions is void, the
statement is limited to the particular portion of the agreement or
contract that is contrary to the provision, and the entire agreement
or contract is not void unless the particular part is not a separable
portion.
   Unless expressly so provided by the commissioner, the violation of
any provision of this division does not render invalid any
agreement, contract, stock, savings account, note, trust deed,
mortgage, or other instrument.
   (b) No provision of this division imposing any liability, either
civil or criminal, applies to any act done or omitted in good faith
in conformity with any rule, regulation, approval, consent, order,
direction, or other act of the commissioner, even if the rule,
regulation, approval, consent, order, direction, or other act of the
commissioner is amended, rescinded, or determined invalid by judicial
or other authority, after the act or omission.



5205.  Whenever the term " association" is used in any provision of
law, such term shall be deemed to include savings banks organized
under this division; and wherever the term "federal association" is
so used, such term shall be deemed to include federal savings banks.



5205.5.  (a) All references in this division to financial
statements, balance sheets, income statements, and statements of
changes in financial position of an association and all references to
assets, liabilities, earnings, retained earnings, shareholders'
equity, and similar accounting items of an association, mean
financial statements or items prepared or determined in conformity
with generally accepted accounting principles then applicable which
fairly present in conformity with generally accepted accounting
principles the matters that they purport to present, subject to any
specific accounting treatment required or permitted by any provision
of this division, or by any regulation or order issued under this
division.
   (b) The commissioner may, by regulation or order, require any
financial statement or accounting item of an association to be
prepared or determined in a manner other than in conformity with
generally accepted accounting principles if it is found that the
other manner of preparation or determination is necessary or
appropriate to carry out the purposes or provisions of this division.
A report utilizing accounting methods required pursuant to the
provisions of this subdivision shall not be available for other than
purposes as provided by the commissioner.



5206.  Whenever the terms "board of directors," "directors," or
"director" are used in any provision of law, such terms shall mean,
with respect to savings banks organized under this division, "board
of trustees," "trustees," or "trustee."




5207.  If any provision, clause, or phrase of this division or
application to any person or circumstance is held invalid, its
invalidity shall not affect other provisions or applications of this
division that can be given effect without the invalid provisions or
application, and to this end, the provisions of this division are
separable.



5208.  This division, being a comprehensive coverage of its subject
matter, shall not be deemed to be impliedly repealed, in whole or in
part, by subsequent legislation not specifically repealing it, if
that construction can be avoided.


5209.  Insofar as the provisions of this division are inconsistent
with any other law in effect at the time the provisions of this
division are enacted, the provisions of this division shall control.
Except as provided in subdivision (a) of Section 6500, nothing within
this section is intended to provide for preemption of other
provisions of law expressly overruling the provisions of this
division and enacted subsequent to the effective date of the
inconsistent provision within this division.


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