Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.
Notwithstanding the provisions of Section 1132, a bank may:
(a)With the prior approval of the commissioner, make a distribution to its shareholders by means of redeeming its redeemable shares; and
(b)With the prior approval of its outstanding shares and of the commissioner, otherwise make a distribution to its shareholders in connection with a reduction of
its contributed capital.
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