Financial Code section 1340

Unless specifically authorized by law or by the commissioner, a bank shall not become, act as, or in any other manner assume the duties or liabilities of, a general partner. For purposes of this section, “general partner” has the meaning set forth in subdivision (m) of Section 15901.02 of the Corporations Code.

Source: Section 1340, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=1340.­ (updated Jan. 1, 2012; accessed Jun. 9, 2025).

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Verified:
Jun. 9, 2025

§ 1340’s source at ca​.gov