Article 1. Definitions of California Financial Code >> Division 7. >> Chapter 7. >> Article 1.
"Guaranty corporation" means Thrift Guaranty Corporation of
California which exists under the Nonprofit Mutual Benefit
Corporation Law (Part 3 (commencing with Section 7110) of Division 2
of Title 1 of the Corporations Code).
(a) "Member" means an industrial loan company required by
Section 18100.5 to be a member of Guaranty Corporation. "Member"
includes "special member" except where the term "special member" is
used in the same section of this chapter.
(b) "Special member" means a member whose thrift obligations are
insured by the Federal Deposit Insurance Corporation or by the
Federal Savings and Loan Insurance Corporation or, subject to any
rules promulgated by the commissioner, by a private insurer, surety
or guarantee corporation acceptable to and approved by the
"Thrift obligations" as used in this chapter include
principal invested in investment or thrift certificates however
evidenced, and unpaid interest thereon accrued as of the last
interest accrual date prior to the date the commissioner takes
possession of the property and business of a member or the date such
member is the subject of an order for relief in bankruptcy, whichever
"Fund" means the Guaranty Corporation Fund established
pursuant to Section 18535.
"Capital contribution" means the amount each member is
required to maintain as an investment in the corporation pursuant to
"Member account" means the total of all amounts credited to
a member for paid-in capital contributions, and other credits, net of
any charges to that participating member.
"Guaranteed investment certificate" means a thrift
obligation guaranteed by Guaranty Corporation pursuant to Section