§ 1867. — 1867. (Added by Stats. 2011, Ch. 243, Sec. 3.)

California § 1867.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.1.: DIVISION 1.1. BANKING
• Ch. 21.: CHAPTER 21. International and Foreign Banking and Financing
• Art. 1.: ARTICLE 1. International and Foreign Banking and Financing Corporations

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.

Legislative History

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