{"code":"FIN","codeName":"Financial Code","section":"1867","citation":"Fin. Code, § 1867","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 1.1. BANKING [1000. - 1910.]","url":"https://blackletter.si/financial-code/division-1.1"},{"name":"CHAPTER 21. International and Foreign Banking and Financing [1850. - 1910.]","url":"https://blackletter.si/financial-code/division-1.1/chapter-21"},{"name":"ARTICLE 1. International and Foreign Banking and Financing Corporations [1850. - 1897.]","url":"https://blackletter.si/financial-code/division-1.1/chapter-21/article-1"}],"history":"Added by Stats. 2011, Ch. 243, Sec. 3.   (SB 664)   Effective January 1, 2012.","effective":"2012-01-01","html":"<p>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.</p>","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.","otherVersions":[],"url":"https://blackletter.si/financial-code/international-and-foreign-banking-and-financing-corporations-1867","source":"California Legislative Information bulk export (pubinfo)"}