2005 California Financial Code Sections 350-351 Article 1. General

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).