Section 103.301 - Determination of Status as a Savings and Loan Holding Company(a) A savings and loan holding company does not include any broker, underwriter or other dealer in securities if securities are held on a temporary basis and for a reasonably limited period of time (not exceeding 90 days unless extended by the commissioner) solely for purposes of a public offering or distribution, or for sale to customers in the course of business.(b) No company shall be deemed to be a savings and loan holding company solely by reason of bona fide ownership, control or holding of the guarantee stock, shares, proxies of shares, or other proxies, on the part of:(1) stockholders, shareholders or members, of a corporation;(2) partners of a partnership or a limited partnership;(3) members of an association or a syndicate; or(4) trustees in their private and individual capacities of a voting or business trust.(c) The Commissioner shall give at least 20 days prior written notice of a hearing to any person or company which the Commissioner alleges is exercising a controlling influence over the management and policies of any association. Any such person or company shall have an opportunity to be heard, and to be represented by counsel at any such hearing. The Commissioner shall, subsequent to the hearing, furnish a written determination as to whether the person or company is a savings and loan holding company within the meaning of Section 11500 of the law.
Cal. Code Regs. Tit. 10, § 103.301
1. Change without regulatory effect renumbering former Section 181 to Section 103.301 (Register 87, No. 14). For prior history, see Register 82, No. 33. Note: Authority cited: Section 5255, Financial Code. Reference: Sections 5258 and 11500, Financial Code.
Change without regulatory effect renumbering former Section 181 to Section 103.301 (Register 87, No. 14). For prior history, see Register 82, No. 33.