Financial Code § 1122
‹ § 1121§ 1130 ›Open in browserleginfo ↗1122.
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.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)