ARTICLE 3. Postincorporation Organization of Associations [5600. - 5618.]
Article 3 added by Stats. 1983, Ch. 1091, Sec. 2.
§§ 5600–5618 · 14 sections
- § 5600 (a) The board of directors of an association which is in the process of organization shall select a financial institution within this state as a depository for…
- § 5601 Before a certificate of authority is issued, the capital of the association shall be paid into the association and, in the case of stock, shall be the sum of…
- § 5602 In addition to the minimum capital required, the commissioner may require that the consideration for the issuance of capital stock shall be sufficient to…
- § 5603 In the case of a stock association, prior to issuance of a certificate of authority, the association shall file with the commissioner a statement in a form and…
- § 5604 (a) In the case of a stock association, on or after the date the commissioner issues the association a certificate of authority, the association shall issue…
- § 5605 (a) Any association that does not commence business within one year after the date of the issuance of its certificate of approval of articles of incorporation…
- § 5606 (a) Prior to doing business in this state, an association shall obtain and maintain insurance of its savings accounts by the Federal Deposit Insurance…
- § 5612 For the purposes of this article, “security” means any stock, subordinated debenture, warrant, or right or option to purchase any stock issued by an…
- § 5613 (a) No association shall sell, except upon a sale for a delinquent assessment made in accordance with the provisions of the General Corporation Law, or offer…
- § 5614 (a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall be sold or offered for sale to the public, nor shall…
- § 5615 An application for a permit to sell securities shall be in writing, verified as provided in the Code of Civil Procedure for the verification of pleadings, and…
- § 5616 Upon the filing of the application for a permit to sell securities, the commissioner shall examine the application and other papers and documents filed…
- § 5617 Every permit to sell securities shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement…
- § 5618 The commissioner may amend, alter, or revoke any permit issued by the commissioner, or temporarily suspend the rights of the association under such permit.