California § 1608. 1608. (Added by Stats. 2011, Ch. 243, Sec. 3.)

California Statutes

§ 1608. — 1608. (Added by Stats. 2011, Ch. 243, Sec. 3.)

California·Code FIN Financial Code - FIN·Div. 1.1. DIVISION 1.1. BANKING·Ch. 16. CHAPTER 16. Trust Companies·Art. 5. ARTICLE 5. Miscellaneous

Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has assumed or which have been imposed on it by law. Thereupon the commissioner shall revoke his or her certificate of authority to do a trust business, and the State Treasurer shall return to it all of the securities deposited by it. Thereafter such corporation shall
 not be permitted to use and shall not use the word “trust” in its corporate name, or in connection with its business.

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Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has assumed or which have been imposed on it by law. Thereupon the commissioner shall revoke his or her certificate of authority to do a trust business, and the State Treasurer shall return to it all of the securities deposited by it. Thereafter such corporation shall
not be permitted to use and shall not use the word “trust” in its corporate name, or in connection with its business.

California § 1608. (1608. (Added by Stats. 2011, Ch. 243, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

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

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