California Financial Code 18018.4 – “Mandatory convertible debt,” as used in this division, means a …
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“Mandatory convertible debt,” as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument into common or perpetual preferred stock by a date at or before the maturity of the debt instrument. The maturity of those instruments shall be 12 years or less.
(Added by Stats. 1989, Ch. 663, Sec. 1.4. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
Terms Used In California Financial Code 18018.4
- 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. See California Financial Code 18018.3