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California Financial Code

§ 1122

FIN § 1122 Effective Jan 1, 2012Div. 1.1 · Ch. 5 · Art. 2

Statute text

View on leginfo.ca.gov
No bank shall issue any shares in consideration of:
(a)Services rendered in the organization of such bank; or
(b)Any note (whether or not negotiable and whether or not secured) made by the purchaser of such shares.

Legislative history

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

Source: California Financial Code § 1122 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.