Chapter 8. Federal Associations of California Financial Code >> Division 2. >> Chapter 8.
(a) Every federal association and the holders of stock,
shares, share accounts, savings accounts, and certificate accounts
issued by any federal association have all the rights, powers, and
privileges, and are entitled to the same exemptions and immunities
granted, respectively, to associations organized under the laws of
this state and to the holders of their stock, membership accounts,
and savings accounts.
(b) This section is in addition and supplemental to any provision
that, by specific reference, is applicable to federal associations
and their members or stockholders.
No director of a federal association shall be liable for
monetary damages to the federal association, its stockholders or
members, based upon the laws of this state, to the extent that the
stockholders, or in case of a mutual federal association the members
of the federal association, adopt a resolution limiting liability.
The resolution shall not eliminate or limit the liability of
directors for any acts or omissions or transactions from which
directors of a corporation may not be relieved of liability as set
forth in the exception to paragraph (10) of Section 204 of the