DIVISION 1.1. BANKING 1000-1910›CHAPTER 5. Corporate Requirements 1100-1190›ARTICLE 2. Shares 1120-1122
§ 1122
California Financial Code · 2018-11 edition · updated 2026-10-04 · California
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. (SB 664) Effective January 1, 2012.)
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