Initiative to Legislature. Adds Article XVII to Building and Loan Association Ad. 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.
Popular Vote Results
Y: 378805; A: 27.2; N: 1015128; B: 72.8
Robert S. Odell, President. Pacific States Savings and Loan Company.; Donzel Stoney, Vice President, Title Insurance and Guaranty Company.
Harley Hise, Building and Loan Commissioner.; Brodie Ahlport, Special Counsel to the Building and Loan Commissioner.; Geo. B. Campbell, Chairman, Legislative Committee of the California Savings and Loan League.
REORGANIZATION OF BUILDING AND LOAN ASSOCIATIONS California Proposition 10 (1942).