§ 30206
115 words·~1 min read·
/ca/financial-code/30206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon his examination and investigation, and after appropriate hearing, he finds any of the following:
(a)That the incorporators, directors, officers, or stockholders lack the character, experience, or general fitness to engage in such a business.
(b)That the proposed licensee’s program of safeguards with respect to custody, handling, recordkeeping, insurance, and auditing of securities on deposit is inadequate for the protection of investors.
(c)That the requirements with respect to ownership of capital stock of Section 30201 are not met.
(d)That the applicant is, or is in danger of becoming, insolvent.