Financial Code section 253

In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levying an assessment on the common shares of such subject institution in accordance with an order issued by the commissioner pursuant to Section 661 of the prior Banking Law:

(a)

If the assessment has, prior to January 1, 1979, become a lien on the common shares in accordance with Section 2704 of the prior General Corporation Law, the assessment shall be collected pursuant to the prior General Corporation Law:

(b)

Otherwise, the resolution shall be deemed to be rescinded on January 1, 1979.

Source: Section 253, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=253.­ (accessed Jun. 2, 2025).

Last Updated

May 12, 2025

§ 253’s source at ca​.gov