If an association ceases to be an association by reason of merger, consolidation, conversion, acquisition of assets, or a similar type of transaction, any unpaid assessment for the fiscal year ended June 30 in which the conversion, merger, or acquisition occurs shall be due and payable on or before the day preceding the date of the conversion, merger, or acquisition. Payment of the unpaid assessment under this section shall be a condition of approval of any transaction requiring the commissioner’s approval.

(Added by Stats. 1983, Ch. 1091, Sec. 2.)

Terms Used In California Financial Code 8033

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • association: includes a foreign savings association doing business in this state under an approval issued by the commissioner. See California Financial Code 8030
  • 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.
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