Cal. FIN § 1047
This is the official text of Cal. FIN § 1047, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions or selling shares or, except with the prior approval of the commissioner, to the payment of preopening noncapital expenditures.
Status: in_force · Read it on the official government site
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