Article 1. Definitions of California Financial Code >> Division 7. >> Chapter 7. >> Article 1.

"Guaranty corporation" means Thrift Guaranty Corporation of California which exists under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code).

(a) "Member" means an industrial loan company required by Section 18100.5 to be a member of Guaranty Corporation. "Member" includes "special member" except where the term "special member" is used in the same section of this chapter.
  (b) "Special member" means a member whose thrift obligations are insured by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation or, subject to any rules promulgated by the commissioner, by a private insurer, surety or guarantee corporation acceptable to and approved by the commissioner.

"Thrift obligations" as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner.

"Fund" means the Guaranty Corporation Fund established pursuant to Section 18535.

"Capital contribution" means the amount each member is required to maintain as an investment in the corporation pursuant to Section 18535.

"Member account" means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that participating member.

"Guaranteed investment certificate" means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.