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Section 1174 Of Article 5. Directors From California Financial Code >> Division 1.1. >> Chapter 5. >> Article 5.
1174
. (a) The commissioner shall be deemed to be a party in
interest within the meaning of Section 306 of the Corporations Code
with respect to a bank and may, in the name of the people of this
state, bring or intervene in an action under Section 306 of the
Corporations Code for the appointment of directors of a bank.
(b) The commissioner may, in the name of the people of this state, bring or intervene in an action under Section 308 of the Corporations Code for the appointment of a provisional director or directors of a bank to the same extent as a shareholder who held 50 percent of the voting power of such bank might bring such an action.
(b) The commissioner may, in the name of the people of this state, bring or intervene in an action under Section 308 of the Corporations Code for the appointment of a provisional director or directors of a bank to the same extent as a shareholder who held 50 percent of the voting power of such bank might bring such an action.
