Title 11 — Finance and Taxation

An association pursuant to its articles of incorporation or by-laws and this act, may issue shares (which shall constitute the holders thereof members of such association). The holders of such shares shall have no liability for debts or assessments. SOURCE: GC §41150.

Withdrawable shares shall be of the par value of one hundred dollars ($100) or two hundred dollars ($200) each, as provided in the articles of incorporation or by-laws, and shall be paid for by the subscribers or shareholders as provided in the by-laws. Such payments may be, and …

COL120106 11 GCAFINANCE & TAXATION When any share shall have reached its matured value, payment of dues thereon shall cease. Borrowing shareholders whose loans are fully paid shall have their securities released and returned to them. Holders of free shares shall upon the presenta…

The directors may in their discretion, under the regulations prescribed by the by-laws, retire any free shares by enforcing the withdrawal thereof, but whenever the withdrawal of any shares is to be enforced, the holders thereof must be given 30 day’s notice thereof and be paid t…

Whenever any shareholder shall be six months in arrears in the payment of any installment of his dues upon free shares, the secretary may give him notice thereof in writing and a statement of his arrearage; and if he shall not pay all arrearage within two months thereafter, the a…

All shares issued by any association issuing no investment certificates and which is an insured institution as defined in Title IV of the National Housing Act shall be legal investments for the funds of executors, administrators, guardians, receivers and trustees of every kind an…

COL120106 11 GCAFINANCE & TAXATION Notwithstanding any other provision of law, savings and loan associations organized or operating under this title may exercise any and all such powers and may offer and accept any accounts or deposits that are permitted to be exercised or offere…