§ 1550
90 words·~1 min read·
/ca/financial-code/1550A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No corporation shall engage in the trust business unless:
(a)Its articles comply with the requirements of subdivision (b), (d), or
(e)of Section 1100; and
(b)It has received from the commissioner a certificate of authority pursuant to Section 1042 to engage in the trust business, or, if it is a bank, has received the authorization of the commissioner to engage in the trust business; and
(c)It has deposited with the State Treasurer money or securities in compliance with Article 3 (commencing with Section 1570) of this chapter.