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§ 104.600. Definitions.


Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 2. Savings and Loan Commissioner
Subchapter 4. Operations -General
Article 6. Foreign Savings Associations
10 CCR § 104.600
§ 104.600. Definitions.
For the purposes of Chapter 10.1 of the Financial Code and of this Subchapter 4 Article 6:
(a) “Association” means any person which was organized under the laws of the State of California and which holds a certificate of authority issued by the Commissioner.
(b) “Control” means the possession, direct or indirect, of the power:
(1) To vote 25 percent or more of the outstanding voting stock of a corporation with less than 500 shareholders; or
(2) To vote 10 percent or more of the outstanding voting stock of a corporation with 500 or more shareholders; or
(3) To direct or cause the direction of the management or policies of a person, whether through ownership or otherwise, provided that no individual shall be deemed to control a person solely on account of being a director, officer, or employee of such person.
(c) “Officer” means the president, any vice-president, the secretary, the treasurer, the comptroller, and any other person performing similar functions with respect to any organization whether incorporated or unincorporated. The term “officer” also includes the chairman of the board of directors if the chairman is authorized by the charter or by-laws of the organization to participate in its operating management or if the chairman in fact participates in such management.
(d) “Principal California office” means the office designated on the certificate of authority issued by the Commissioner pursuant to these regulations.
Note: Authority cited: Sections 8053 and 10012, Financial Code. Reference: Sections 5800, 10012, Financial Code.
1. New section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section 11346.2(d) (Register 87, No. 28).
This database is current through 7/29/22 Register 2022, No. 30
10 CCR § 104.600, 10 CA ADC § 104.600
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