§ 1134
60 words·~1 min read·
/ca/financial-code/1134A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the provisions of Section 1132, a bank may:
(a)With the prior approval of the commissioner, make a distribution to its shareholders by means of redeeming its redeemable shares; and
(b)With the prior approval of its outstanding shares and of the commissioner, otherwise make a distribution to its shareholders in connection with a reduction of its contributed capital.