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HomeFinancial CodeDiv. 2Ch. 2Art. 6§ 5703 Conversion Filing Requirements

§ 5703 Conversion Filing Requirements

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 5703 Conversion Filing Requirements

Key Takeaways

  • •After a meeting where people agree to change a state group into a federal one, they must send a special paper to the boss (commissioner).
  • •The paper must have notes from the meeting and say how many people voted and how many agreed.
  • •They must also send the same paper to the Secretary of State.

Example

A small bank in California wants to become a federal bank.

After the bank’s members vote to make the change, the bank must send a paper with the meeting notes and vote count to the state boss and the Secretary of State.

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

Official Source
View on CA.gov

§ 5703 Conversion Filing Requirements

Promptly after the meeting approving a conversion into a federal association, the association shall file in the office of the commissioner a certificate verified by the president or vice president and the secretary or assistant secretary of the association. The certificate shall contain a copy of the minutes of the meeting and a statement of the number of stockholders and members entitled to vote and the number voting to approve the determination to convert the association into a federal association. A like certificate shall be filed in the office of the Secretary of State. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

Last verified: January 23, 2026

Key Terms

associationcommissionterminationstocksecretarystatement

Related Statutes

  • § 5705 Federal Association Conversion
  • § 5711 Conversion Meeting Minutes Filing
  • § 5718 Stock Issuance After Conversion
  • § 5501.5 Savings Association Formation Purposes
  • § 5605 Association Business Commencement Deadline

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 5703.
View Official Source