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HomeFinancial CodeDiv. 2Ch. 2Art. 6§ 5713 Federal Association Conversion Process

§ 5713 Federal Association Conversion Process

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 5713 Federal Association Conversion Process

Key Takeaways

  • •After a meeting, the group must follow the rules to become an official association.
  • •The leaders chosen in the meeting must file the right papers and pay the fees to make it official.
  • •The group will get a written answer saying if they are approved or not.
  • •They don’t have to follow the usual money rules that new groups must follow.

Example

A group of neighbors wants to turn their community club into an official association.

They hold a meeting, pick leaders, and those leaders file the papers and pay the fees. They don’t need to have as much starting money as a brand-new group would.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 5713 Federal Association Conversion Process

After a meeting as provided for in Section 5710, the federal association shall take or cause to be taken such action as shall make it an association in the manner prescribed and authorized by this division. The directors elected at the meeting shall file the documents with applicable fees and take such proceedings as are required by this division in the case of the original incorporation of an association. The decision for approval or denial shall be issued in writing. No association incorporated by conversion from a federal association is required to comply with any of the provisions of law or any regulations promulgated by the commissioner relating to the minimum amounts of capital required to be subscribed in connection with the original incorporation of an association under this division. (Amended by Stats. 1986, Ch. 361, Sec. 4.5.)

Last verified: January 23, 2026

Key Terms

associationcommissioncorporationregulationdirectorconnection

Related Statutes

  • § 5718 Stock Issuance After Conversion
  • § 5501.5 Savings Association Formation Purposes
  • § 5506 Initial Director Meeting Requirements
  • § 5604 Stock Association Capital Issuance
  • § 5606 Savings Account Insurance Requirement

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 5713.
View Official Source