California Financial Code 17349 – If Fidelity Corporation is dissolved, subject to the approval of the …
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If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets after settling all liabilities shall be distributed to the members on the basis of the number of each member’s licensed locations compared to the total number of all members’ licensed locations.
(Amended by Stats. 1985, Ch. 1560, Sec. 36. Effective October 2, 1985.)
Terms Used In California Financial Code 17349
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.