SECTIONS 5850 - California Statutes

FINANCIAL CODE

SECTION 5850

5850. (a) An association may dissolve pursuant to the General
Corporation Law (Division 1 (commencing with Section 100) of Title 1
of the Corporations Code).
(b) In the case of a mutual association, the required vote of
members to elect voluntarily to wind up and dissolve shall be by
members representing 50 percent or more of the voting power required
to elect directors of the association.
(c) No certificate of election to dissolve or certificate of
dissolution of an association shall be filed with the Secretary of
State unless there is attached thereto the certificate of the
commissioner approving the same.