AB 1227, as introduced, Linder. Credit unions.
Existing law, the California Credit Union Law, provides for the regulation and certification of credit unions by the Commissioner of Financial Institutions. Existing law generally provides that an amendment of the articles of a credit union is not effective unless filed with the Secretary of State.
This bill would make nonsubstantive changes to these provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 14101.8 of the Financial Code is amended
2to read:
(a) begin deleteNo end deletebegin insertAn end insertamendment of the articles of a credit union
4shallbegin insert notend insert become effective unless the certificate of amendment or
5other instrument setting forth the amendment is filed with the
6Secretary of State with the commissioner’s approval endorsed
7thereon. The amendment shall become effective upon being filed
8with the Secretary of State. Promptly after the amendment becomes
9effective, the credit union shall file with the commissioner a copy
P2 1of the certificate of amendment or other instrument
certified by
2the Secretary of State.
3(b) An amendment of the articles set forth in an agreement of
4merger that requires the approval of the commissioner shall not
5be subject to the provisions of subdivision (a). An amendment
6meeting this criteria shall become effective at the time the merger
7becomes effective, pursuant to this division.
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