Section 18016 Of Article 1. Definitions From California Financial Code >> Division 7. >> Chapter 1. >> Article 1.

. "Investment certificates ratio", as used in this division, means the ratio of the aggregate sum of all of the outstanding investment certificates, exclusive of those hypothecated with the company issuing them, of a company to the aggregate amount of its paid-up and unimpaired capital and unimpaired surplus declared not available for dividends pursuant to Section 18319.