California Law (Last Updated: March 4, 2014) |
Financial Code - FIN |
Division 1.1. BANKING |
Chapter 21. International and Foreign Banking and Financing |
ARTICLE 1. International and Foreign Banking and Financing Corporations |
Section 1867.
Latest version.
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No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a depositary for the funds of the depositing corporation by the vote of a majority of the directors of the depositing corporation and has been approved by the commissioner as a depositary. The commissioner may in his or her discretion revoke his or her approval of any such depositary. This limitation shall not apply to the deposit of funds by a corporation with another moneyed corporation, that owns all or a majority of the capital stock of the corporation.
(Added by Stats. 2011, Ch. 243, Sec. 3. Effective January 1, 2012.)