California Financial Code

§ 6477

FIN § 6477 Effective Sep 26, 1986Div. 2 · Ch. 3 · Art. 7

Statute text

Any association which, for the purpose of evading provisions of this division or any order of the commissioner, knowingly participates, directly or indirectly, in an exchange with another association of any loan, investment, or other asset held by either association in violation of any provision of this division or any order of the commissioner, shall, upon direction of the commissioner, set up and maintain a reserve in the full amount of the asset acquired and shall not include that reserve in its statutory net worth.

Legislative history

Added by Stats. 1986, Ch. 1158, Sec. 3. Effective September 26, 1986.