SB 422, as introduced, Huff. Credit unions.
The California Credit Union Law provides for the regulation of credit unions within the state by the Commissioner of Financial Institutions. That law, except as provided, subjects credit unions to provisions of law applicable to nonprofit mutual benefit corporations generally.
This bill would make technical, nonsubstantive changes to that applicability provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 14002.5 of the Financial Code is amended
2to read:
(a) Except as provided in subdivision (b), all
4provisions of law applicable to nonprofit mutual benefit
5corporations generally (including, but not limited to, the Nonprofit
6Mutual Benefit Corporation Law (Part 3 (commencing with Section
77110) of Division 2 of Title 1 of the Corporations Code)) shall
8apply to credit unions. However, whenever any provision of this
9division applicable to credit unions is inconsistent with any
10provision of law applicable to nonprofit mutual benefit corporations
11generally, the provision of this division shall apply and the
P2 1inconsistent provision of law applicable to nonprofit mutual benefit
2corporations generally shall not apply to a credit union.
3(b) Notwithstandingbegin delete the provisions ofend delete
subdivision (a), the
4following provisions of the Corporations Code are not applicable
5to credit unions:
6(1) Section 7131.
7(2) Subdivision (a) of Section 7132.
8(3) Section 7142.
9(4) Subdivision (c) of Section 7223.
10(5) Subdivision (c) of Section 7225.
11(6) Article 4 (commencing with Section 7240) of Chapter 2 of
12Part 3begin insert of Division 2end insert of Title 1.
13(7) Chapter 11 (commencing with Section 8110) of Part 3 of
14Division 2 of Title 1.
15(8) Chapter 16 (commencing with Section 8610) of Part 3 of
16Division 2 of Title 1.
17(9) Chapter 17 (commencing with Section 8710) of Part 3 of
18Division 2 of Title 1.
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