Section 18018.3 Of Article 1. Definitions From California Financial Code >> Division 7. >> Chapter 1. >> Article 1.
18018.3
. "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.