§ 108.300. Acceptance or Acquisition of Company Stock or Securities.

Except with prior approval of the commissioner an association shall not accept or acquire, whether by donation, gift or otherwise, any stock, shares or other securities in any company as defined in Section 108.301(a), except the stock, shares or other securities of a company specifically authorized as an investment under Section 6702 and of a service corporation as defined in Financial Code Section 6702.1, provided such stock, shares or other securities of a service corporation are received and held by the association after compliance with all requirements of the law and regulations covering Section 6702.1 and after prior approval by the commissioner.

HISTORY

1. Change without regulatory effect renumbering former Section 231 to Section 108.300 (Register 87, No. 14). For prior history, see Register 83, No. 16.

Note

Note: Authority cited: Section 5255, Financial Code. Reference: Sections 6702 and 672.1, Financial Code.