DIVISION 15. BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS 31000-31952›CHAPTER 4. Corporate Matters 31200-31233›ARTICLE 4. Distributions to Shareholders 31230-31233
§ 31231
California Financial Code · 2020-11 edition · updated 2026-10-04 · California
No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
(Amended by Stats. 1996, Ch. 1064, Sec. 652. Effective January 1, 1997. Operative July 1, 1997.)
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