Cal. Financial Code § 18018.3

California · California Financial Code · Status: effective

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Citation: Cal. Financial Code § 18018.3, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/815007
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“Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes those issues, the rate on which increases, or can increase, in such a manner that would effectively require the issuer to redeem the issue.