2020 California Code
Financial Code - FIN
DIVISION 5 - CREDIT UNIONS
CHAPTER 4 - Management and Operations
ARTICLE 1 - General
Section 14406.
The savings capital, undivided profits, and reserve funds of a credit union shall be deposited only in the following:
(a) Commercial banks or trust companies, incorporated under the laws of this state.
(b) National banks doing business in this state.
(c) Shares or periodic certificates for funds received by or any form of evidence of interest or indebtedness issued by any credit union organized under this division or by any other credit union if its member accounts are insured as provided for by Subchapter II of the Federal Credit Union Act (12 U.S.C. Sec. 1781 et seq.), or, alternatively, are insured by other means determined acceptable by the commissioner.
(d) Accounts with, investment certificates or withdrawable shares of, any savings and loan association doing business in this state that is an insured institution pursuant to the Federal Deposit Insurance Corporation Act (12 U.S.C. Sec. 1811 et seq.).
(Added by Stats. 2000, Ch. 529, Sec. 1. Effective January 1, 2001.)
