California Financial Code 17321.1 – Fidelity Corporation shall levy a special assessment against its …
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Fidelity Corporation shall levy a special assessment against its members whenever:
(a) Deemed necessary by the board of directors in the event of any extraordinary expenses which would seriously deplete the resources of the operations fund; or
Terms Used In California Financial Code 17321.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) A proof of loss has been submitted by a member which, if paid during that fiscal year, would reduce the membership fund by 10 percent or more.
(Added by Stats. 1988, Ch. 1458, Sec. 15. Effective September 28, 1988.)