California Financial Code

§ 1023

FIN § 1023 Effective Jan 1, 2012Div. 1.1 · Ch. 2

Statute text

The commissioner may give or withhold his or her approval of the application in his or her discretion, but he or she shall not approve the application until he or she has ascertained to his or her satisfaction:

(a)That the public convenience and advantage will be promoted by the establishment of the proposed bank or trust company.

(b)That the proposed bank or trust company will have a reasonable promise of successful operation.

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.