Statute · California Financial Code
Cal. Fin. Code § 6477 — Statutory Net Worth; Reserve Accounts
Cal. Fin. Code § 6477
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 1986-09-26
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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…
Citator
Cal. Fin. Code § 6477 — Statutory Net Worth; Reserve Accounts is in force in the current edition of the Code, and nothing recorded condemns it.
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.