Secretary of State No.
REORGANIZATION OF BUILDING AND LOAN ASSOCIATIONS. Initiative to Legislature. Adds Article XVII to Building and Loan Association Act. Authorizes plans for rehabilitation, readjustment, reorganization, consolidation or merger of building and loan associations, and defines classes of associations affected. Requires consents, specifies procedure, and designates securities permitted to be issued. Requires plans be fair, equitable, non-discriminatory and feasible, and approved by superior court after notice and hearing; declares effect of such approval, and requires undertaking on appeal therefrom. Specifies rights and duties of Building and Loan Commissioner. Declares Legislature may amend or repeal Act.
Reorganization Of Building And Loan Associations California Initiative 1942-r-1 (1942).