Cal. FIN § 1122
This is the official text of Cal. FIN § 1122, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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