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Article: 1 | 2 | 3 | Accounting
Section: 5500 | 5501 | 5502 |

Section 5502 - Board Approval of Large Fund Transfers

Notwithstanding any other law, transfers of greater than ten thousand dollars ($10,000) or 5 percent of an association’s total combined reserve and operating account deposits, whichever is lower, shall not be authorized from the association’s reserve or operating accounts without prior written board approval. This section shall apply applies in addition to any other applicable requirements of this part.


This section is referenced in Section: None

Prior Law:  Old CID Section: None

First Enacted:  Statutes of 2018, Chapter 396

Amended: Statutes of 2019, Chapter 497 (Section 31)

Similar to CI-CID: None