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Section 1134 Of Article 3. Distributions To Shareholders From California Financial Code >> Division 1.1. >> Chapter 5. >> Article 3.
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. 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.
(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.
