§ 5101
72 words·~1 min read·
/ca/financial-code/5101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
“Approved by the members,” in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular or special meeting or by the written consent (including consents by proxy) of a majority of the total votes of members outstanding at the close of business on the next business day prior to the date that the requisite written consents have been filed with the association.