California · Financial Code
FIN §8010: The commissioner, after a determination of value made in accordance with Article 4 (commencing with Section 8150) of Chapter 7, may order that assets, individually or in the aggregate, to the extent t
What this law says, in plain English
A commissioner may order assets seized or transferred based on a value determination made under specified state law procedures.
Read the full statutory text
The commissioner, after a determination of value made in accordance with Article 4 (commencing with Section 8150) of Chapter 7, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association’s books, be charged off against current operations, or that a special reserve or reserves equal to the overvaluation be set up by transfers from retained earnings or reserves.
Verify at the official source: California legislative text
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