§ 103.600. Terms Defined.

(a) For the purposes of this subchapter, service corporations are of three types:

(1) Common Subsidiaries. A common subsidiary is a service corporation in which the stock is only available for purchase by two or more domestic or federal savings and loan associations having their home offices in this State;

(2) Wholly Owned Subsidiaries. A wholly owned subsidiary is a service corporation in which the sole stockholder is a domestic savings and loan association;

(3) Independent Service Corporations. An independent service corporation is any service corporation other than a common subsidiary or wholly owned subsidiary.

(b) The words “adjusted total capital” mean the total statutory net worth as defined in Section 5076 of the law and Section 101.100(h) of the regulations minus 1/5 of scheduled items. “Specified assets” has the same meaning as that term is defined in Section 561.17 of the Rules and Regulations for Insurance of Accounts of the Federal Home Loan Bank Board.

(c) The word “person” as used herein includes a natural person and, in addition, any domestic, foreign or national corporation, voting trust, business trust, limited partnership, partnership, joint stock company, association or similar organization whether incorporated or not.

HISTORY

1. Change without regulatory effect renumbering former Section 230 to Section 103.600 (Register 87, No. 14). For prior history, see Register 82, No. 52.

Note

Note: Authority cited: Sections 5255 and 6702.1, Financial Code. Reference: Section 6702.1, Financial Code.