California Financial Code

§ 1555

FIN § 1555 Effective Jan 1, 2012Div. 1.1 · Ch. 16 · Art. 1

Statute text

No foreign corporation, other than a national banking association or a foreign (other state) state bank that is authorized to conduct a trust business in this state, shall have or exercise the powers of a trust company nor directly or indirectly transact or conduct in this state a trust business as defined in Section 115. However, a foreign corporation that is authorized by its articles to exercise trust powers may act as trustee for the following purposes:

(a)To deliver bonds and receive payments therefor.

(b)To deliver permanent bonds in exchange for temporary bonds of the same issue.

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Legislative history

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