Statute · California Financial Code
Cal. Fin. Code § 1047 — Authorization to Engage in Banking
Cal. Fin. Code § 1047
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 2012-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions or selling shares or, except with the prior approval of the commissioner, to the payment of preopening noncapital expenditures.
Citator
Cal. Fin. Code § 1047 — Authorization to Engage in Banking is in force in the current edition of the Code, and nothing recorded condemns it.
It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions or selling shares or, except with the prior approval of the commissioner, to the payment of preopening noncapital expenditures.