CHAPTER 4. Powers of Associations [6500. - 6558.]

Chapter 4 added by Stats. 1983, Ch. 1091, Sec. 2.

§§ 6500–6558 · 40 sections

1. ARTICLE 1. General Powers §§ 6500–6530 · 31 sections

   • § 6500 (a) Each association incorporated pursuant to or operating under the provisions of this division shall have all the powers enumerated, authorized, and…
   • § 6501 An association may have perpetual existence, adopt and use a corporate seal which may be affixed by imprint, facsimile, or otherwise, and adopt and amend…
   • § 6502 An association may sue, be sued, complain, and defend in any court.
   • § 6502.5 An association may, acquire, hold, sell, develop, subdivide, dispose of, and convey real and personal property consistent with its objects and powers. It may…
   • § 6503 (a) No association or subsidiary thereof, without the prior written consent of the commissioner, shall enter into either of the following: (1) Any transaction…
   • § 6504 (a) Except by the prior written consent of the commissioner, an association in organization that is not a member of a federal home loan bank may borrow money…
   • § 6505 (a) An association may issue and sell, directly or through underwriters, capital certificates that represent nonwithdrawable capital contributions, and…
   • § 6507 An association may qualify as and become a member of a federal home loan bank and a home loan bank established as an agency or instrumentality of this state.
   • § 6508 An association may become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to any organization or…
   • § 6509 An association may act as depository for receipt of payments of federal or state taxes and loan funds, and may satisfy any related federal or state statutory…
   • § 6510 An association may sell any loan, including a participating interest in a loan, at any time.
   • § 6511 Loans secured by real property may be sold to, and are legal investments for, among others, any public or private pension fund, credit union, labor union fund,…
   • § 6513 An association may service loans and investments for others.
   • § 6514 (a) An association may act, and receive compensation for so acting, as trustee of any trust created or organized in the United States and forming a part of a…
   • § 6515 (a) Notwithstanding any provisions of Division 1 (commencing with Section 99), Section 202 of the Corporations Code, or any other provisions of law relating to…
   • § 6516 (a) Subject to regulations issued by the commissioner, an association may own and use or participate in the use or ownership and use of remote service units.…
   • § 6517 Subject to Regulation E (12 CFR Part 205) and to rules and regulations of the commissioner, an association may transfer funds between holders of savings…
   • § 6518 (a) An association may maintain and rent safes, boxes, or other receptacles or premises for the safekeeping of personal property upon terms and conditions that…
   • § 6519 An association may sell money orders, travel checks, and similar instruments drawn by it on its bank accounts or as agent for any organization empowered to…
   • § 6520 An association, service corporation, or a person authorized in writing by an association may act as an agent for others except that an association may not act…
   • § 6521 (a) Notwithstanding the provisions of Division 6 (commencing with Section 17000) or any other provision of law, an association or service corporation may act…
   • § 6522 (a) An association that declares and pays dividends may distribute its own shares or may make payments in cash or property. Payment of cash or property shall…
   • § 6523 (a) An association may use advertising, whether printed, broadcasted by radio, televised, displayed, or communicated in any other manner or make any…
   • § 6524 An association may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of…
   • § 6525 (a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, an association, a subsidiary or…
   • § 6525.5 Except with the prior written consent of the commissioner: (a) No person who has been convicted of any criminal offense involving dishonesty or breach of trust…
   • § 6526 An association may issue commercial and standby letters of credit in conformance with the Uniform Commercial Code or the Uniform Customs and Practice for…
   • § 6527 If a loan or other investment is authorized under more than one section of this division an association may designate under which section the loan or…
   • § 6528 An association may provide correspondent services primarily to other depository institutions to the extent that the activity does not violate other provisions…
   • § 6529 (a) No affiliated person of a savings association may receive, either directly or indirectly, from the association, a subsidiary thereof, or any other source…
   • § 6530 (a) No savings association may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privileges of…
2. ARTICLE 2. Branching and Agency Powers §§ 6550–6558 · 9 sections

   • § 6550 (a) A branch office is a legally established place of business of an association other than the home office, a remote service unit, or any agency, authorized…
   • § 6551 (a) An agency of an association is a place or facility, stationary or mobile, other than the home office, a remote service unit, or a branch office, at or…
   • § 6552 No association may establish or maintain a branch office or agency without the prior written approval of the commissioner, except that temporary and incidental…
   • § 6553 (a) Each application for approval of the establishment and maintenance of a branch office or one or more agencies shall include the following: (1) The proposed…
   • § 6554 Upon receipt of a complete application for a branch office, the commissioner shall give written notice of the filing of the application to each association.…
   • § 6555 (a) Before acting on an application for a branch office, the commissioner may hold a hearing at a time and place specified in a notice of hearing. (b) If a…
   • § 6556 (a) Upon review of the application for a branch office or agency and after a hearing on the branch application, if one is deemed necessary, the commissioner…
   • § 6557 The provisions of this article relating to branch office and agency applications do not apply to a branch office or agency of an existing association acquired…
   • § 6558 The commissioner may adopt rules and regulations relating to any action pertaining to branch offices and agencies regulated by this article.