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Section 1132 Of Article 3. Distributions To Shareholders From California Financial Code >> Division 1.1. >> Chapter 5. >> Article 3.
1132
. Neither a bank nor any majority-owned subsidiary of a bank
shall make any distribution to the shareholders of such bank in an
amount which exceeds the lesser of:
(a) The retained earnings of the bank; or
(b) The net income of the bank for its last three fiscal years, less the amount of any distributions made by the bank or by any majority-owned subsidiary of the bank to the shareholders of the bank during such period.
(a) The retained earnings of the bank; or
(b) The net income of the bank for its last three fiscal years, less the amount of any distributions made by the bank or by any majority-owned subsidiary of the bank to the shareholders of the bank during such period.
