ARTICLE 2. General [18490. - 18512.]
Article 2 added by Stats. 1976, Ch. 964.
§§ 18490–18512 · 23 sections
- § 18490 When the property and business of a member, other than a special member, has been liquidated or is in the process of liquidation by the commissioner and the…
- § 18491 (a) When the property and business of a member, other than a special member, is being liquidated, the commissioner may direct Guaranty Corporation to pay each…
- § 18493 Whenever it appears to the commissioner that Guaranty Corporation has: (a) Violated its articles of incorporation or any law of this state; (b) Not paid…
- § 18494 Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if…
- § 18495 An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation in the manner provided by law for appeals from the…
- § 18496 (a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revoke the right to participate in Guaranty Corporation by any…
- § 18496.1 (a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or…
- § 18497 Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner. Upon request of the commissioner,…
- § 18498 Income from investments shall be recorded in an income account and be used to defray expenses of administration. Income from investments that exceeds an amount…
- § 18499 Expenses of administration that exceed income from investments at year end shall be charged to members’ accounts. Each member’s account shall be charged…
- § 18500 Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter. (b) Make loans to, deposits in,…
- § 18501 The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall…
- § 18502 Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
- § 18503 The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and…
- § 18504 Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may…
- § 18505 (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be…
- § 18506 No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed,…
- § 18507 In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all…
- § 18508 An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member’s…
- § 18509 (a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of the…
- § 18510 The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members. The five members shall be…
- § 18511 Guaranty Corporation shall establish a permanent office in this state.
- § 18512 The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its…