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California Law (Last Updated: March 4, 2014) |
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Financial Code - FIN |
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Division 1. FINANCIAL INSTITUTIONS |
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Chapter 6. Enforcement |
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ARTICLE 4. Suspension or Removal of Subject Persons |
Section 589.
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(a) In this section, "subject depository institution" means any:
(1) Licensee or any bank or credit union that maintains an office in this state.
(2) Affiliate of any of the institutions specified in paragraph (1).
(3) Subsidiary of any of the institutions specified in paragraph (1).
(4) Holding company of any of the institutions specified in paragraph (1).
(b) It is unlawful for any subject person or former subject person of a subject institution to whom an order is issued under Sections 585 to 587, inclusive, willfully to do, directly or indirectly, any of the following without the approval of the commissioner, so long as the order is in effect:
(1) Act as a subject person of any subject depository institution.
(2) Vote any shares or other securities having voting rights for the election of any person as a director of a subject depository institution.
(3) Solicit, procure, transfer or attempt to transfer, or vote any proxy, consent, or authorization with respect to any shares or other securities of a subject depository institution having voting rights.
(4) Otherwise to participate in any manner in the affairs of any subject depository institution.