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DIVISION 1.1. BANKING 1000-1910›CHAPTER 5. Corporate Requirements 1100-1190›ARTICLE 3. Distributions to Shareholders 1130-1135

§ 1134

California Financial Code · 2020-11 edition · updated 2026-10-04 · California

Notwithstanding the provisions of Section 1132, a bank may:

(a) With the prior approval of the commissioner, make a distribution to its shareholders by means of redeeming its redeemable shares; and

(b) With the prior approval of its outstanding shares and of the commissioner, otherwise make a distribution to its shareholders in connection with a reduction of its contributed capital.

(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

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California Financial Code

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