California Financial Code 1002 – No bank shall be a close corporation (as defined in Section 158 of …
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No bank shall be a close corporation (as defined in § 158 of the Corporations Code).
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
Terms Used In California Financial Code 1002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.