Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.
Notwithstanding the provisions of Section 1132, a bank or a majority-owned subsidiary of a bank may, with the prior approval of the commissioner, make a distribution to the shareholders of such bank in an amount not exceeding the greatest of:
(a)The retained earnings of the bank;
(b)The net income of the bank for its last fiscal year; or
(c)The net income of the bank for its current fiscal year.
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