California Financial Code ARTICLE 3 - Postincorporation Organization of Associations
- Section 5600.
(a) The board of directors of an association which is in the process of organization shall select a financial institution within this state as a depository...
- Section 5601.
Before a certificate of authority is issued, the capital of the association shall be paid into the association and, in the case of stock, shall...
- Section 5602.
In addition to the minimum capital required, the commissioner may require that the consideration for the issuance of capital stock shall be sufficient to create...
- Section 5603.
In the case of a stock association, prior to issuance of a certificate of authority, the association shall file with the commissioner a statement in...
- Section 5604.
(a) In the case of a stock association, on or after the date the commissioner issues the association a certificate of authority, the association shall issue...
- Section 5605.
(a) Any association that does not commence business within one year after the date of the issuance of its certificate of approval of articles of incorporation...
- Section 5606.
(a) Prior to doing business in this state, an association shall obtain and maintain insurance of its savings accounts by the Federal Deposit Insurance Corporation.(b) Prior to...
- Section 5612.
For the purposes of this article, “security” means any stock, subordinated debenture, warrant, or right or option to purchase any stock issued by an association.(Added...
- Section 5613.
(a) No association shall sell, except upon a sale for a delinquent assessment made in accordance with the provisions of the General Corporation Law, or offer...
- Section 5614.
(a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall be sold or offered for sale to the public, nor...
- Section 5615.
An application for a permit to sell securities shall be in writing, verified as provided in the Code of Civil Procedure for the verification of...
- Section 5616.
Upon the filing of the application for a permit to sell securities, the commissioner shall examine the application and other papers and documents filed therewith,...
- Section 5617.
Every permit to sell securities shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement...
- Section 5618.
The commissioner may amend, alter, or revoke any permit issued by the commissioner, or temporarily suspend the rights of the association under such permit.(Added by...
Last modified: October 22, 2018