SECTIONS 6450-6458 - California Statutes

FINANCIAL CODE

SECTION 6450-6458

6450. Each association shall keep correct and complete books and
records of accounts, as specified in Section 1500 of the Corporations
Code.

6451. (a) Except as provided in subdivision (b), each agency of an
association, as defined in Section 6551, shall keep an original
record of each transaction of business completed on behalf of the
association at the agency.
(b) Records of transactions are not required to be maintained at
the agency if they are maintained at the association's home office or
branch office.

6452. Each association shall observe generally accepted accounting
principles and practices except to the extent that the commissioner
may require or permit different accounting treatment of accounts by
regulation.

6453. Each association shall close its books at the close of
business at least annually, or more often if authorized or required
in writing by the commissioner.

6454. No association by any system of accounting or any device of
bookkeeping shall, either directly or indirectly, enter any of its
assets upon its books in the name of any other person, partnership,
association, or corporation or under any title or designation that is
not truly descriptive of the assets.

6455. (a) Each association shall maintain complete loan and
investment records, and shall do so in a manner satisfactory to the
commissioner. Detailed records necessary to make determinations of
compliance by an association with the requirements of Chapter 6
(commencing with Section 7200) and other provisions of this division
shall be maintained at all times.
(b) The record of each real estate loan or other secured loan or
investment shall contain documentation satisfactory to the
commissioner of the type, adequacy and characteristics of the
security.

6456. Each mutual association shall maintain membership records
which shall show the name and address of the member and the date of
membership.

6457. Each capital stock association shall maintain a register of
stockholders.

6458. (a) Any association may cause any or all records of the
association to be copied or reproduced by any photostatic,
photographic, or microfilming process that correctly and permanently
copies, reproduces, or forms a medium for copying or reproducing the
original record on a film or other durable material.
(b) Any copy or reproduction made under subdivision (a) shall be
deemed to be an original record for all purposes and shall be treated
as an original record in all courts or administrative agencies for
the purpose of its admissibility in evidence.
(c) A facsimile, exemplification, or certified copy of any copy
made pursuant to subdivision (a), or a reproduction produced from a
film record, shall, for all purposes, be deemed a facsimile,
exemplification, or certified copy of the original record.