§ 10007 Foreign Holding Company Requirements

If a foreign savings bank is owned by a foreign holding company, both the bank and the holding company have to follow all the rules in this chapter.

Key Takeaways

•When a foreign savings association is controlled by a foreign holding company, both must meet the chapter’s requirements.
•Ownership does not give a shortcut; each entity must follow the rules on its own.
•The rule has been in effect since January 1 1991.

Example

A savings bank in Canada is owned by a Canadian holding company.

Both the Canadian bank and its Canadian owner must obey the same regulations that apply to foreign savings banks and foreign holding companies, so they can’t skip any rules just because they’re linked.

If a foreign savings association is controlled by a foreign holding company, the requirements under this chapter applicable to both a foreign savings association and foreign holding company are required to be met. (Added by Stats. 1987, Ch. 1162, Sec. 25. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)

If a foreign savings bank is owned by a foreign holding company, both the bank and the holding company have to follow all the rules in this chapter.

Key Takeaways

•When a foreign savings association is controlled by a foreign holding company, both must meet the chapter’s requirements.
•Ownership does not give a shortcut; each entity must follow the rules on its own.
•The rule has been in effect since January 1 1991.

Example

A savings bank in Canada is owned by a Canadian holding company.

Key Takeaways

Example

Key Terms

References

§ 10007 Foreign Holding Company Requirements

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References