Financial Code section 5101

“Approved by the members,” in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular or special meeting or by the written consent (including consents by proxy) of a majority of the total votes of members outstanding at the close of business on the next business day prior to the date that the requisite written consents have been filed with the association.

Source: Section 5101, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=5101.­ (updated Jan. 1, 1983; accessed Nov. 10, 2025).

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Verified:
Nov. 10, 2025

§ 5101's source at ca​.gov