California · Financial Code
FIN §18042: The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of a lot and building necessary as premises for the transaction of business as an industrial loan comp
What this law says, in plain English
A three-fourths vote of all directors is required to authorize an industrial loan company to purchase property for conducting business.
Read the full statutory text
The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of a lot and building necessary as premises for the transaction of business as an industrial loan company or to authorize the construction of such building.
Verify at the official source: California legislative text
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