California Law (Last Updated: March 4, 2014) |
Financial Code - FIN |
Division 1.1. BANKING |
Chapter 5. Corporate Requirements |
ARTICLE 2. Shares |
Section 1122.
Latest version.
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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.
(Added by Stats. 2011, Ch. 243, Sec. 3. Effective January 1, 2012.)