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Financial Code - FIN - FIN § 5605

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 shall forfeit its certificate of approval of articles of incorporation, unless the commissioner, before the expiration of

Financial Code - FIN - FIN § 5606

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 Corporation. (b) Prior to doing business in this state, a foreign savings association, as defined in Sections 10000 and 10010, sh

Financial Code - FIN - FIN § 561

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 561

No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall advertise that it is accepting deposits, and issuing notes or certificates therefore, or make use of any office sign, at the place where its business is trans

Financial Code - FIN - FIN § 5612

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 association.

Financial Code - FIN - FIN § 5613

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 for sale, or take subscriptions for, or issue any of its securities (except stock dividends), until the association has ap

Financial Code - FIN - FIN § 5614

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 subscriptions be solicited or taken for those sales, until the association or the selling stockholders have applied for and obta

Financial Code - FIN - FIN § 5615

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 shall be filed in the office of the commissioner by the association or the selling stockholders. The application shall in

Financial Code - FIN - FIN § 5616

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 therewith, and he or she may make a detailed examination, audit, and investigation of the association and its affairs. If the co

Financial Code - FIN - FIN § 5617

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 of the securities permitted to be issued.

Financial Code - FIN - FIN § 5618

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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.

Financial Code - FIN - FIN § 562

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 562

No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall transact business under any name or title that contains the word “bank” or “banker” or “banking” or “industrial bank” or “industrial loan company” or “investm

Financial Code - FIN - FIN § 5620

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5620

(a) A stock association may issue shares of common stock and preferred stock, with or without par value, and common and preferred stock may be divided into classes and the classes into series. (b) Stock associations which have withdrawable shares outstanding as of the effective d

Financial Code - FIN - FIN § 5621

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5621

(a) With the approval of the commissioner, a mutual association may amend its articles of incorporation to authorize the issuance of stock and may issue stock. Any amendment to the articles of incorporation and bylaws of an association which for the first time authorizes it to is

Financial Code - FIN - FIN § 5622

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5622

Capital stock of a stock association shall be issued pursuant to the following requirements: (a) Except for stock issued pursuant to a stock dividend, stock split, reverse stock split, reclassification of outstanding stock into stock of another class, exchange of outstanding stoc

Financial Code - FIN - FIN § 5623

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5623

A mutual association may issue mutual capital certificates in accordance with regulations of the commissioner.

Financial Code - FIN - FIN § 5624

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5624

An association may issue net worth certificates in accordance with applicable regulations of the Office of Thrift Supervision or the Federal Deposit Insurance Corporation.

Financial Code - FIN - FIN § 563

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 563

No provision of Section 560, 561, or 562 prohibits any of the following from transacting any business or performing any activity if it is authorized by applicable law to transact the business or perform the activity and is not prohibited by any applicable law, other than Section

Financial Code - FIN - FIN § 564

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 564

Any person or any bank violating any provision of the foregoing sections of this article shall be liable to the people of the state in the amount of one hundred dollars ($100) per day or part thereof during which that violation continues.

Financial Code - FIN - FIN § 565

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 565

No person shall represent by advertisement, circular, or otherwise, or in any manner mislead anyone to believe, that any securities are legal investments for savings banks in this state or conform to the requirements of law relating to such investments, unless those securities ar

Financial Code - FIN - FIN § 5650

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5650

Notwithstanding the provisions of subdivision (a) of Section 201 of the Corporations Code and Division 1 of the Financial Code, the name of every association shall include either the words “savings association,” “savings and loan association,” “savings bank” or such other designa

Financial Code - FIN - FIN § 5651

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5651

(a) No certificate of approval of articles of incorporation of a proposed association having the same name as an association in existence in this state on the date an application is filed under Section 5401, or a name so nearly resembling it as to be likely to deceive, shall be i

Financial Code - FIN - FIN § 5652

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5652

Except as otherwise authorized under existing law, no person, unless lawfully authorized to do business in this state under the provisions of this division and who is actually engaged in carrying on a savings association business, shall: (a) Do business under any name or title th

Financial Code - FIN - FIN § 5653

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5653

Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any person from violating or continuing to violate any of the provisions of Section 5652. Any person who violates any provision of Section 5652 shall be

Financial Code - FIN - FIN § 5654

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5654

(a) Without the prior approval of the commissioner, as provided in this division, no association shall do any of the following: (1) Establish or maintain any office, other than its home office, which shall be in the location named in the certificate of authority. (2) Change the l

Financial Code - FIN - FIN § 5655

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 5655

No association shall advertise or hold itself out to the public as a bank. This subdivision shall not be construed to prohibit an association which is a savings bank from advertising or holding itself out to the public as a “savings bank.”