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2025 California Code
Financial Code - FIN
DIVISION 2 - SAVINGS ASSOCIATION LAW
CHAPTER 3 - Corporate Administration
ARTICLE 7 - Statutory Net Worth; Reserve Accounts
Section 6477.
Universal Citation:
CA Fin Code § 6477 (2025)
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6477. 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.
(Added by Stats. 1986, Ch. 1158, Sec. 3. Effective September 26, 1986.)
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