(a) Each subscriber at the time he subscribes to the stock of a proposed territorial bank shall pay in cash a sum at least equal to 5% of the par value of such stock into a fund to be used to defray the expenses of organization. No organization expense shall be paid out of any other funds of the bank. Upon the grant of a charter any unexpended balance shall be transferred to surplus. If no application for a charter has been made within 6 months of the filing of a notice of intention, or any additional period allowed by the Commissioner, or if the application has been finally denied, any unexpended balance shall be distributed among the contributors in proportion to their respective payments. The Commissioner may require an account of disbursements from the fund and may order the incorporators to restore any sum which has been expended for other than proper organization expenses.

(b) No payment shall be made from the organization expense fund for securing subscriptions to stock.

SOURCE: GC § 30504.