Cal. FIN § 18018.3
This is the official text of Cal. FIN § 18018.3, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
“Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes those issues, the rate on which increases, or can increase, in such a manner that would effectively require the issuer to redeem the issue.
Status: in_force · Read it on the official government site
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