Before the commissioner issues a certificate of authorization to operate as an industrial loan company, there must be paid in cash for the benefit of the corporation, the minimum capital stock and minimum paid-in surplus or reserve required pursuant to Article 3 (commencing with Section 18130) of this chapter.

(Amended by Stats. 1977, Ch. 264.)

Terms Used In California Financial Code 18120

  • Capital: as used in this division , consists of all of the following:

    California Financial Code 18018

  • company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
  • 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.
  Previous section
Next section  
 Article 2 Contents