SECTIONS 335-335.1 - California Statutes

FINANCIAL CODE

SECTION 335-335.1

335. Any licensee that voluntarily has ceased to do the business
for which it is licensed shall immediately notify the commissioner
and proceed to liquidate its affairs. Any share or deposit or other
sum that has not been paid to the person entitled thereto within six
months after the licensee ceased to conduct a business shall be paid
into the State Treasury. The deposits with the State Treasury shall
be deemed to have been received under the provisions of Chapter 7
(commencing with Section 1500) of Title 10 of Part 3 of the Code of
Civil Procedure and shall be subject to claim or other disposition as
provided in that chapter. If the commissioner has reason to conclude
that the liquidation of the licensee is not being safely or
expeditiously conducted, he or she may take possession of the
business and property of the licensee in the same manner and with the
same effect and subject to the same rights accorded the licensee as
if he or she had taken possession pursuant to Article 8 (commencing
with Section 305), and he or she may proceed to liquidate the
licensee's affairs in the same manner as provided in that article.
When the licensee has been completely liquidated, its corporate
existence shall be dissolved in the manner provided by law.

335.1. If the licensee referred to in Section 335 is a
state-chartered credit union and the commissioner has taken
possession of the business and property of the credit union, the
commissioner may appoint a liquidating agent or a liquidating
committee of three members of the credit union to liquidate the
business and assets of the credit union in the manner provided in
Article 2 (commencing with Section 15250) of Chapter 9 of Division 5,
except that, in lieu of the certificate required under Section
15252, the commissioner shall prepare and file in the office of the
Secretary of State a certificate of commencement of liquidation
proceedings upon taking possession of the business and assets, and
the commissioner or his or her authorized deputy shall countersign
the certificate referred to in Sections 15257 and 15258 whenever
liquidation is involuntary. The commissioner may, however, prepare
and file a final certificate whenever he or she retains possession of
the assets of any credit union for the purpose of liquidation. The
liquidating agent need not be a member of the credit union to be
liquidated and may be a person, firm, or corporation, as determined
by the commissioner.