Section 5501.5 Of Article 2. Petition For Certificate Of Authority From California Financial Code >> Division 2. >> Chapter 2. >> Article 2.
5501.5
. The articles of incorporation of each domestic association
incorporated after January 1, 1984, shall include a statement that it
is formed for each of the following purposes:
(a) To engage primarily in the specific business of a savings
association and any other lawful activities not prohibited to a
savings association by applicable laws and regulations.
(b) To encourage industry, frugality, home building, and the
accumulation of savings. That statement shall add either "among its
members" or "among its savings account holders" and may also add "and
among others."
(c) For the loaning of the money accumulated, with the interest
and earnings thereon. The statement shall add either "to its members"
or "to its savings account holders" and the statement may also add
"and to others."
(d) For the repayment subject to the provisions of this division
and any act amendatory thereof or supplementary thereto of the
savings and interest to each savings account holder whenever the
savings account holder desires to withdraw the same, or when the
association desires to repay the same.
(e) In the case of a stock association, for the purpose of issuing
capital stock and savings accounts.
(f) In the case of a mutual association, for the purpose of
accumulating capital by the issuance of savings accounts and to grant
holders of savings accounts the right to be a member of the
association with entitlement to one vote for each one hundred dollars
($100) of the withdrawal value of each savings account to be voted
in person or by proxy to transact the business of the association.
(g) For any and all purposes specified in the Savings Association
Law with all the rights, powers, privileges and immunities as set
forth in that law.
The above provisions are in lieu of paragraph (1) of subdivision
(b) of Section 202 of the Corporations Code and may be supplemented
or modified with such provisions as the commissioner may approve.