In case the right to organize a subject institution automatically terminates pursuant to Financial Code Section 1045 or in case a subject institution commences business, such subject institution shall, after making all disbursements authorized under the terms of agreements with persons from whom pre-opening funds were accepted, including any agreement called for in Section 10.3402(a)(3) or 10.3477(a)(3) of this Chapter, if applicable, pay the balance of its post-incorporation pre-opening funds account on a pro rata basis to the persons from whom pre-opening funds were accepted by the subject institution and, in case any pre-opening funds were transferred from the pre-incorporation pre-opening funds account for the subject institution to the post-incorporation pre-opening funds account, the persons from whom pre-opening funds were accepted before incorporation of the subject institution by the then proposed directors, proposed officers, or organizers of the then proposed subject institution, and, after making such payments, close such account.

Note: Authority cited: Section 326, Financial Code. Reference: Section 1045, Financial Code.

History

1. Change without regulatory effect amending section and adding Note filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).