California Financial Code CHAPTER 3 - Authorization to Engage in Banking

• Section 1040.
  In this article:(a) “Preopening expenditure” means any obligation incurred, or sum disbursed, by a bank prior to the time when it commences to transact banking business,...
• Section 1041.
  The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for his or her approval before they are...
• Section 1042.
  If the commissioner finds that the proposed bank or trust company has in good faith complied with all the requirements of law and fulfilled all...
• Section 1043.
  It shall be unlawful to accept payment of subscriptions for shares of any corporation proposing to engage in the banking or trust business unless authority...
• Section 1044.
  No corporation organized to transact a commercial banking or trust business shall transact any business until the commissioner has issued his or her certificate authorizing...
• Section 1045.
  If the proposed bank or trust company fails to file evidence of incorporation and organization with the commissioner pursuant to Section 1041 within one year...
• Section 1046.
  If the proposed bank or trust company fails to open for business within 90 days after the issuance of the certificate of authorization, the right...
• Section 1047.
  It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions...
• Section 1048.
  Every bank and trust company shall keep posted in a conspicuous place in its banking room at its head office the certificate of authority to...

Last modified: October 22, 2018