No director, officer, stockholder, or employee of an industrial loan company, its holding company, or its affiliates shall purchase, directly or indirectly, or be interested in the purchase of, any of the company’s assets for an amount less than the then current market value thereof and any such purchase may not be made without the express approval of the board of directors of the company. Title and possession of assets shall not be transferred to the purchaser until full consideration in cash has been received by the industrial loan company. Every person violating this section shall be liable to the company for twice the market value of the assets so purchased.

(Amended by Stats. 1980, Ch. 418, Sec. 10.)

Terms Used In California Financial Code 18448

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Assets: as used in this division , means all assets excluding intangibles. See California Financial Code 18017
  • company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
  • Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
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