California Financial Code Sections 350-351

Article 1. General
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CA Codes (fin:350-351) FINANCIAL CODE
SECTION 350-351 




350.  When authorized by the commissioner as provided in this
chapter a corporation may be formed by one or more persons in
accordance with the laws of this state for the purpose of conducting
a commercial banking business or a trust business, or both of them.
The Corporate Securities Law shall not apply to securities issued by
and representing an interest in or a direct obligation of a bank or
trust company incorporated under the laws of this state.



351.  No bank shall be a close corporation (as defined in Section
158 of the Corporations Code).