CHAPTER 3. Corporate Administration [6000. - 6477.]

Chapter 3 added by Stats. 1983, Ch. 1091, Sec. 2.

§§ 6000–6477 · 37 sections

1. ARTICLE 1. Meetings of Members of Mutual Associations §§ 6000–6006 · 7 sections

   • § 6000 An annual meeting of the members of each mutual association shall be held at a time and place fixed in the bylaws of the association.
   • § 6001 Special meetings of the members of a mutual association may be called at any time by the president or the board of directors, and shall be called by the…
   • § 6002 Notice of each annual and special meeting shall be either published once a week for the two successive calendar weeks (in each instance on any day of the week)…
   • § 6003 In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one…
   • § 6004 (a) In order that the association may determine the members entitled to notice of any meeting or to vote or entitled to receive any distribution or entitled to…
   • § 6005 At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligible to be voted at any meeting unless it has been filed with…
   • § 6006 Any number of members present at a regular or special meeting of the members shall constitute a quorum. A majority of all votes cast at any meeting of members…
2. ARTICLE 2. Access to Books and Records; Communication with Stockholders or Members; Derivative Actions §§ 6050–6053 · 4 sections

   • § 6050 (a) The register of stockholders or members, the books of account, and the minutes of an association shall be subject to inspection upon the written demand of…
   • § 6051 (a) If any member, members, stockholder or stockholders desire to communicate with other members or stockholders of an association about any question pending…
   • § 6052 (a) No action may be instituted or maintained in the right of any association by any savings account holder who is not a stockholder or member of the…
   • § 6053 In the case of an association which converts from a mutual association to a stock association, for a period of up to five years from the date of conversion,…
3. ARTICLE 3. Financial Statement Publication § 6100 · 1 section

   • § 6100 Each association shall prepare and publish annually within the time prescribed by the commissioner in a newspaper of general circulation in the county in which…
4. ARTICLE 4. Directors §§ 6150–6157 · 8 sections

   • § 6150 (a) The business of each association shall be directed by a board of directors elected by ballot by a plurality of the votes of the members or stockholders…
   • § 6151 No person shall be eligible for election or shall serve as a director or officer of an association who has been convicted of a criminal offense involving…
   • § 6152 (a) A director shall automatically cease to be a director upon becoming the subject of an order for relief in bankruptcy or upon conviction of a criminal…
   • § 6153 Directors shall be elected for periods of three years and until their successors are elected and qualified, but provision shall be made for the election of…
   • § 6154 If the members or stockholders fail to elect a director to fill each vacancy created by an increase in the number of directors, the current directors may fill…
   • § 6155 Whenever the number of directors is changed and vacancies caused by the change are filled, the directors so elected shall be elected to terms in accordance…
   • § 6156 (a) Any vacancy among directors, not filled by the members or stockholders, may be filled by a majority vote of the remaining directors, though less than a…
   • § 6157 Every savings association subject to the new director or senior executive officer notice requirements of Section 32 of the Federal Deposit Insurance Act (12…
5. ARTICLE 5. Indemnity Bonds §§ 6200–6204 · 5 sections

   • § 6200 Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the performance of…
   • § 6201 Associations that employ collection agents, who for any reason are not covered by a bond required under Section 6200, shall provide for the bonding of each of…
   • § 6202 No indemnity bond coverage is required of any agent that is a financial institution insured by the Federal Deposit Insurance Corporation.
   • § 6203 (a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the board of directors and by the commissioner. (b) In lieu of…
   • § 6204 Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall not become effective unless and until 10 days’ notice in…
6. ARTICLE 6. Records §§ 6450–6458 · 9 sections

   • § 6450 Each association shall keep correct and complete books and records of accounts, as specified in Section 1500 of the Corporations Code.
   • § 6451 (a) Except as provided in subdivision (b), each agency of an association, as defined in Section 6551, shall keep an original record of each transaction of…
   • § 6452 Each association shall observe generally accepted accounting principles and practices except to the extent that the commissioner may require or permit…
   • § 6453 Each association shall close its books at the close of business at least annually, or more often if authorized or required in writing by the commissioner.
   • § 6454 No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the…
   • § 6455 (a) Each association shall maintain complete loan and investment records, and shall do so in a manner satisfactory to the commissioner. Detailed records…
   • § 6456 Each mutual association shall maintain membership records which shall show the name and address of the member and the date of membership.
   • § 6457 Each capital stock association shall maintain a register of stockholders.
   • § 6458 (a) Any association may cause any or all records of the association to be copied or reproduced by any photostatic, photographic, or microfilming process that…
7. ARTICLE 7. Statutory Net Worth; Reserve Accounts §§ 6475–6477 · 3 sections

   • § 6475 (a) Each association shall maintain an adequate statutory net worth appropriate for the conduct of its business and the protection of its savings account…
   • § 6476 Each association shall set up and maintain the reserves required by, and may set up and maintain any additional reserves that are permitted by, this division.…
   • § 6477 Any association which, for the purpose of evading provisions of this division or any order of the commissioner, knowingly participates, directly or indirectly,…