Financial Code § 1122

ARTICLE 2. Shares

Current as of September 28, 2026Fin. Code, § 1122Official source ↗

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.

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.