DIVISION 1.1. BANKING 1000-1910›CHAPTER 3. Authorization to Engage in Banking 1040-1048
§ 1044
California Financial Code · 2020-11 edition · updated 2026-10-04 · California
No corporation organized to transact a commercial banking or trust business shall transact any business until the commissioner has issued his or her certificate authorizing it to transact such business. No bank or trust company shall incur any indebtedness except that which is incidental to its organization until the amount of its contributed capital has been fully paid in lawful money to the cashier or chief financial officer thereof.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
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