Cal. FIN § 1867
This is the official text of Cal. FIN § 1867, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
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.
Status: in_force · Read it on the official government site
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