Cal. FIN § 14002.5
This is the official text of Cal. FIN § 14002.5, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
(a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code)) shall apply to credit unions. However, whenever any provision of this division applicable to credit unions is inconsistent with any provision of law applicable to nonprofit mutual benefit corporations generally, the provision of this division shall apply and the inconsistent provision of law applicable to nonprofit mutual benefit corporations generally shall not apply to a credit union.
(b) Notwithstanding the provisions of subdivision (a), the following provisions of the Corporations Code are not applicable to credit unions:
(1) Section 7131.
(2) Subdivision (a) of Section 7132.
(3) Section 7142.
(4) Subdivision (c) of Section 7223.
(5) Subdivision (c) of Section 7225.
(6) Article 4 (commencing with Section 7240) of Chapter 2 of Part 3 of Title 1.
(7) Chapter 11 (commencing with Section 8110) of Part 3 of Division 2 of Title 1.
(8) Chapter 16 (commencing with Section 8610) of Part 3 of Division 2 of Title 1.
(9) Chapter 17 (commencing with Section 8710) of Part 3 of Division 2 of Title 1.
(b) Notwithstanding the provisions of subdivision (a), the following provisions of the Corporations Code are not applicable to credit unions:
(1) Section 7131.
(2) Subdivision (a) of Section 7132.
(3) Section 7142.
(4) Subdivision (c) of Section 7223.
(5) Subdivision (c) of Section 7225.
(6) Article 4 (commencing with Section 7240) of Chapter 2 of Part 3 of Title 1.
(7) Chapter 11 (commencing with Section 8110) of Part 3 of Division 2 of Title 1.
(8) Chapter 16 (commencing with Section 8610) of Part 3 of Division 2 of Title 1.
(9) Chapter 17 (commencing with Section 8710) of Part 3 of Division 2 of Title 1.
Status: in_force · Read it on the official government site
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