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