{"code":"FIN","codeName":"Financial Code","section":"5860","citation":"Fin. Code, § 5860","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 2. SAVINGS ASSOCIATION LAW [5000. - 10009.]","url":"https://blackletter.si/financial-code/division-2"},{"name":"CHAPTER 2. Corporate Organization and Corporate Changes [5400. - 5868.]","url":"https://blackletter.si/financial-code/division-2/chapter-2"},{"name":"ARTICLE 10. Mutual Holding Companies [5860. - 5868.]","url":"https://blackletter.si/financial-code/division-2/chapter-2/article-10"}],"history":"Added by Stats. 1988, Ch. 718, Sec. 10.","effective":null,"html":"<p>Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become a mutual holding company by causing a reorganized savings and loan association to be incorporated and organized as a stock association under this chapter, transferring to the reorganized stock association a substantial part of the assets of that mutual association and causing the reorganized stock association to assume all or a substantial part of the liabilities of the mutual association, including all of its savings account liabilities.</p>","text":"Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become a mutual holding company by causing a reorganized savings and loan association to be incorporated and organized as a stock association under this chapter, transferring to the reorganized stock association a substantial part of the assets of that mutual association and causing the reorganized stock association to assume all or a substantial part of the liabilities of the mutual association, including all of its savings account liabilities.","otherVersions":[],"url":"https://blackletter.si/financial-code/mutual-holding-companies-5860","source":"California Legislative Information bulk export (pubinfo)"}