Financial Code section 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.

Source: Section 1122, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=1122. (updated Jan. 1, 2012; accessed Jun. 24, 2026).

1120
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Up to date

Verified:
Jun. 24, 2026

§ 1122's source at ca.gov

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Location: https://california.public.law/codes/financial_code_section_1122

Original Source: Section 1122, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=1122. (last accessed May 12, 2025).