§ 1132
76 words·~1 min read·
/ca/financial-code/1132A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareholders of such bank in an amount which exceeds the lesser of:
(a)The retained earnings of the bank; or
(b)The net income of the bank for its last three fiscal years, less the amount of any distributions made by the bank or by any majority-owned subsidiary of the bank to the shareholders of the bank during such period.