California · Financial Code
FIN §5862: A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual association.
What this law says, in plain English
A mutual association's reorganization requires approval from both its board of directors and its members.
Read the full statutory text
A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual association.
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