Earlier editions: 2020-112018-11
DIVISION 2. SAVINGS ASSOCIATION LAW 5000-10009›CHAPTER 2. Corporate Organization and Corporate Changes 5400-5868›ARTICLE 8. Holding Companies and Stock Acquisitions 5800-5811
§ 5808
California Financial Code · 2026 edition · updated 2026-10-04 · California
No association that is a subsidiary in this state of any savings and loan holding company that does not have in effect a certificate of registration for that association as required by this article or whose holding company has failed to comply with (1) an order of a court made in respect to the provisions of this division or (2) an order of the commissioner under Section 8200, shall knowingly, without consent of the commissioner, do any of the following:
(a) Transfer or register stock or other securities on its books for or issue certificates to its holding company.
(b) Pay dividends on stock of which its holding company is the record or beneficial owner.
(c) Permit the voting of stock owned or controlled by its holding company.
(d) Make any other payments of any nature to its holding company.
(e) Enter into any agreement, contract, or transaction with its holding company.
(Amended by Stats. 1987, Ch. 730, Sec. 11.)
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