California Law (Last Updated: March 4, 2014) |
Financial Code - FIN |
Division 2. SAVINGS ASSOCIATION LAW |
Chapter 2. Corporate Organization and Corporate Changes |
ARTICLE 7. Power to Reorganize, Merge, Consolidate, or Transfer Assets |
Section 5761.
Latest version.
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The directors of an association may, in their discretion, abandon a transaction under this article, subject to the rights of third parties under any contracts relating thereto, without further action or approval by the stockholders or members of the association, at any time before the transaction has been completed.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)