California Financial Code ARTICLE 1 - International and Foreign Banking and Financing Corporations

• Section 1850.
  As used in this article, unless the context otherwise requires, “corporation” means a corporation organized under the laws of this state for the purpose of...
• Section 1851.
  The provisions of Chapter 1 (commencing with Section 99) of Division 1 applicable to, or with respect to, banks shall apply to, or with respect...
• Section 1852.
  When authorized by the previous written consent of the commissioner as provided by Chapter 3 (commencing with Section 1040) one or more persons may organize...
• Section 1853.
  The articles of a corporation shall provide that the purpose of the corporation is to engage in the business of international and foreign banking and...
• Section 1854.
  The articles of incorporation shall be submitted to the commissioner for his or her approval before they are filed with the Secretary of State pursuant...
• Section 1855.
  Each corporation shall have power, under such rules and regulations as the commissioner may prescribe:(a) To purchase, sell, discount, and negotiate, with or without its endorsement...
• Section 1856.
  Except with the approval of the commissioner, no corporation shall invest in any one corporation an amount in excess of 10 percent of its own...
• Section 1857.
  No corporation shall purchase, own, or hold stock or certificates of ownership in any other corporation organized under this article or under the laws of...
• Section 1858.
  Nothing contained in this article shall prevent corporations from purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a...
• Section 1859.
  No corporation shall carry on any part of its business in the United States except such as, in the judgment of the commissioner, shall be...
• Section 1860.
  No corporation shall engage in commerce or trade in commodities except as specifically provided in this article, nor shall it either directly or indirectly control...
• Section 1861.
  It shall be unlawful for any director, officer, agent, or employee of any corporation to use or to conspire to use the credit, the funds,...
• Section 1862.
  No corporation shall be organized without adequate shareholders’ equity.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
• Section 1863.
  The provisions of Chapter 5 (commencing with Section 1100) (except the provisions of Section 1121) applicable to, or with respect to, banks shall apply to,...
• Section 1864.
  Any bank may invest in the shares of any corporation organized under the provisions of this article, but the aggregate amount of stock held in...
• Section 1865.
  (a) In this section, “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam,...
• Section 1866.
  Whenever it shall appear to the commissioner that any corporation has violated the provisions of its articles of incorporation or any law of this state,...
• Section 1867.
  No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a depositary...
• Section 1868.
  No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon...
• Section 1869.
  No corporation shall, either directly or indirectly, make any discount to any person for the purpose of enabling him to pay for or hold shares...
• Section 1870.
  No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in...
• Section 1871.
  Every corporation shall conform its methods of keeping its books and records to such orders in respect thereto as have been made and promulgated by...
• Section 1872.
  Each official communication directed by the commissioner to a corporation or to any officer thereof, relating to an examination or investigation conducted by the department...
• Section 1873.
  On or before the first day of February in each year, each corporation and every foreign corporation licensed by the commissioner to transact the business...
• Section 1874.
  Every corporation and foreign corporation shall also make such other special reports to the commissioner as he or she may from time to time require,...
• Section 1875.
  If any corporation or foreign corporation shall fail to make any report required by this article on or before the day designated for the making...
• Section 1876.
  Every corporation shall hold a meeting of its stockholders annually upon a date fixed in its bylaws at its main office, or if its main...
• Section 1877.
  Every corporation shall keep at its main office, or if its main office is to be located outside of this state, at its branch or...
• Section 1878.
  Every corporation shall make reports to the commissioner at such times and in such form as the commissioner may require and is subject to examination...
• Section 1879.
  No officer, director, clerk or other employee of any corporation, and no person in any way interested or concerned in the management of its affairs,...
• Section 1880.
  Every officer, director, clerk, employee, or agent of any corporation who embezzles, abstracts, or willfully misapplies any of the moneys, funds, credits, securities, evidence of...
• Section 1881.
  Whoever being connected in any capacity with any corporation represents in any way that the State of California is liable for the payment of any...
• Section 1882.
  No person shall act in this state as the representative of any foreign corporation in transacting the business described in this article as the business...
• Section 1883.
  Every foreign corporation before being licensed by the commissioner to transact in this state the business of a corporation, or any part thereof, shall subscribe...
• Section 1884.
  At the time the application certificate is first submitted to the commissioner, such corporation shall also submit a duly authenticated copy of its charter, or...
• Section 1885.
  No foreign corporation shall transact in this state the business defined in this article or any part thereof, unless such corporation shall have:(a) Been authorized by...
• Section 1886.
  When the commissioner shall have issued a license to any foreign corporation, it may engage in the business of a corporation of the kind authorized...
• Section 1887.
  Every foreign corporation, before receiving a license to transact business in this state, shall deposit with the State Treasurer of the State of California upon...
• Section 1888.
  The foreign corporation shall pay a license fee of five hundred dollars ($500).(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1,
• Section 1889.
  Every foreign corporation, duly licensed by the commissioner to transact in this state the business defined and authorized in this article, or any part thereof,...
• Section 1890.
  Whenever the commissioner shall have revoked the license of any such foreign corporation and shall have taken the action to make such revocation effective, all...
• Section 1891.
  Nothing in this division restricts the right of a state international or foreign banking or financing corporation to convert into an international or foreign banking...
• Section 1892.
  An international or foreign banking or financing corporation organized under the laws of the United States may convert into a state international or foreign banking...
• Section 1893.
  Nothing in this division restricts the right of any one or more state international or foreign banking or financing corporations to merge into or consolidate...
• Section 1894.
  Nothing in this division restricts one or more international or foreign banking or financing corporations organized under the laws of the United States from merging...
• Section 1895.
  Whenever a state international or foreign banking or financing corporation survives the merger of one or more international or foreign banking or financing corporations and...
• Section 1896.
  Whenever one or more state international or foreign banking or financing corporations and one or more international or foreign banking or financing corporations organized under...
• Section 1897.
  Whenever an international or foreign banking or financing corporation organized under the laws of the United States converts into a state international or foreign banking...

Last modified: October 22, 2018