Financial Code section 18018.3

“Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes those issues, the rate on which increases, or can increase, in such a manner that would effectively require the issuer to redeem the issue.

Source: Section 18018.3, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=18018.­3.­ (updated Jan. 1, 1991; accessed Sep. 15, 2025).

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Verified:
Sep. 15, 2025

§ 18018.3's source at ca​.gov