No subject institution shall, at any time before commencing business, enter into any contract for the acquisition, construction, or lease of real property or any contract by the terms of which such subject institution is obligated to pay an aggregate total amount in excess of 5% of its proposed contributed capital unless it shall have filed a copy of such contract with the Commissioner not less than five business days before entering into such contract.

Note: Authority cited: Section 215, Financial Code.

History

1. Change without regulatory effect amending section and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).