No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
(Amended by Stats. 1996, Ch. 1064, Sec. 652. Effective January 1, 1997. Operative July 1, 1997.)
Section 31231
Fin. Code § 31231, under Distributions to Shareholders.
Fin. Code § 31231