§ 1044
69 words·~1 min read·
/ca/financial-code/1044A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No corporation organized to transact a commercial banking or trust business shall transact any business until the commissioner has issued his or her certificate authorizing it to transact such business. No bank or trust company shall incur any indebtedness except that which is incidental to its organization until the amount of its contributed capital has been fully paid in lawful money to the cashier or chief financial officer thereof.