31231. No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.(Amended by Stats. 1996, Ch. 1064, Sec. 652. Effective January 1, 1997. Operative July 1, 1997.)
California Legal Code
§ 31231
Source: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=FIN&division=15.&title=&part=&chapter=4.&article=4.· Version 2026