There is a newer version of the California Code
2007 California Financial Code Article 1. General
CA Codes (fin:350-351)
FINANCIAL CODESECTION 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 qualification requirements of the Corporate Securities Law of 1968 shall not apply to the offer and sale of 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 if the securities are offered and sold pursuant to the commissioner's authorization described in Section 691 or the securities are exempt from authorization pursuant to Section 691.1, or by a regulation or order of the commissioner. 351. No bank shall be a close corporation (as defined in Section 158 of the Corporations Code).
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