(a) A savings and loan holding company does not include any broker, underwriter or other dealer in securities if securities are held on a temporary basis and for a reasonably limited period of time (not exceeding 90 days unless extended by the commissioner) solely for purposes of a public offering or distribution, or for sale to customers in the course of business.

(b) No company shall be deemed to be a savings and loan holding company solely by reason of bona fide ownership, control or holding of the guarantee stock, shares, proxies of shares, or other proxies, on the part of:

(c) The Commissioner shall give at least 20 days prior written notice of a hearing to any person or company which the Commissioner alleges is exercising a controlling influence over the management and policies of any association. Any such person or company shall have an opportunity to be heard, and to be represented by counsel at any such hearing.

The Commissioner shall, subsequent to the hearing, furnish a written determination as to whether the person or company is a savings and loan holding company within the meaning of Section 11500 of the law.