Section 18018.2 Of Article 1. Definitions From California Financial Code >> Division 7. >> Chapter 1. >> Article 1.
18018.2
. "Secondary capital," as used in this division, means the
sum of mandatory convertible debt that is not included in primary
capital, limited life preferred stock, and subordinated notes and
debentures, all in an amount up to 50 percent of primary capital.
Issues of limited life preferred stock and subordinated notes and
debentures, except mandatory convertible debt, shall have original
weighted average maturities of at least seven years to be included
within capital surplus under primary capital.