Statute · California Financial Code
Cal. Fin. Code § 5400 — Organizing Permit
Cal. Fin. Code § 5400
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) No funds from proposed stockholders, members, or organizers of any proposed association may be collected until a verified application for an organizing permit has been filed and a permit has been issued by the commissioner authorizing collection of funds, and then only in accordance with the…
Citator
Cal. Fin. Code § 5400 — Organizing Permit is in force in the current edition of the Code, and nothing recorded condemns it.
(a) No funds from proposed stockholders, members, or organizers of any proposed association may be collected until a verified application for an organizing permit has been filed and a permit has been issued by the commissioner authorizing collection of funds, and then only in accordance with the terms of the permit.
(b) As used in this chapter, the term “organizer” means a person who agrees to contribute funds to a proposed association to be used for its organization expenses.