California § 24370 - There shall also be allowed as a deduction, under Chapter 2 of this part, in the
Full text of California Public Contract Code - PCC § 24370 — There shall also be allowed as a deduction, under Chapter 2 of this part, in the, with citation guidance and answers to common questions.
§ 24370. There shall also be allowed as a deduction, under Chapter 2 of this part, in the
There shall also be allowed as a deduction, under Chapter 2 of this part, in the case of a mutual savings bank, the entire amount of interest paid to depositors possessing no proprietary interest in the institution or in its surplus, and interest on their deposits to members possessing a proprietary interest in the institution or in its surplus at a rate determined by the Commissioner of Financial Institutions to be the going rate of interest upon savings deposits in this state during the calendar year preceding the taxable year, such rate to be certified by the Commissioner of Financial Institutions to the Franchise Tax Board on or before the first day of March of each year.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 24370
What does Public Contract Code - PCC § 24370 cover?
Section 24370 ("There shall also be allowed as a deduction, under Chapter 2 of this part, in the") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 24370?
A common citation format is "Public Contract Code - PCC § 24370" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 24370 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.