§ 15259 Credit Union Liquidation Authority

Financial Code·California

AI SummaryVerified

This law lets the regulator remove the people handling a credit union's shutdown and lets the regulator either take over or appoint new people to finish the process.

Key Takeaways

•The committee or liquidating agent can be removed at any time during liquidation.
•The commissioner can step in as the liquidating agent or appoint a new one.
•The purpose is to ensure the credit union’s dissolution is completed properly.

Example

A credit union is being closed and the group that was supposed to wrap up its affairs is taken off the job.

The state regulator can replace that group with themselves or with a new appointed agent to finish closing the credit union.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 15259 Credit Union Liquidation Authority

At any time during the liquidation process, the committee or the liquidating agent in charge of liquidation may be relieved of their duties at the discretion of the commissioner and the commissioner shall thereafter act as the liquidating agent or appoint a liquidating agent to complete the dissolution of the credit union. (Added by Stats. 1979, Ch. 112.)

Last verified: January 11, 2026

Key Terms

liquidation process liquidating agent commissioner dissolution of the credit union

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 15259.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References