California · Financial Code

FIN §6003: In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one hundred dollars ($100), or fraction thereof,

What this law says, in plain English

Members of a mutual association receive one vote for each $100 or portion thereof when the association considers matters requiring member action.

Read the full statutory text

In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one hundred dollars ($100), or fraction thereof, of the withdrawal value of his or her savings account or accounts. No member, however, shall be entitled to cast more than 1,000 votes nor shall votes be cumulated for the election of directors.

Verify at the official source: California legislative text

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