1. (a) Except with the prior approval of the Commissioner, no person shall be elected as a director of a subject institution at any time before such subject institution commences business other than a person named as a proposed director in the application for authority to organize the subject institution.

2. (b) An application by a subject institution for approval for the election of a person as a director shall contain:

   1. (1) Name of the proposed director.
   2. (2) Personal financial statement in the form of Department Form 2, containing the information called for therein, dated as of a date within 90 days before the filing of the application, and signed by the proposed director.
   3. (3) Confidential resume in the form of Department Form 3, containing the information called for therein, dated as of a date within 90 days before the filing of the application and signed by the proposed director.

   4. (4) Statement dated as of a date within 90 days before the filing of the application and signed by the proposed director, stating:

      1. (A) Amount of shares of the subject institution for which the proposed director has subscribed or intends to subscribe, the source of funds with which he intends to pay for such subscription, and, if any of such funds are to be borrowed, the amount to be borrowed and the source of funds with which he intends to repay such amount.
      2. (B) Whether or not, to the knowledge or information and belief of the proposed director, any consociate of the proposed director has subscribed or intends to subscribe for shares of the subject institution and, if so, the name, business address, home address, and business or occupation of the consociate, the amount of shares of the subject institution for which the consociate has subscribed or intends to subscribe, the source of funds with which he intends to pay for such subscription, and, if any of such funds are to be borrowed, the amount to be borrowed and the source of funds with which he intends to repay such amount.
      3. (C) Commercial banking, trust, other financial, and other business experience of the proposed director, including, with respect to each position held, title, description of duties, name and address of employer, period of employment, and reason for leaving.
      4. (D) Whether or not the proposed director has had in the past or has presently any relationship with any bank as director, officer, employee, adviser, 15 percent equity security owner, or in any other capacity (other than solely as a customer), and, if so, the name of the bank and a description of the relationship, and, in the case of any present relationship, whether the proposed director intends to continue, change, or terminate such relationship if and when the subject institution commences business.

Note: Authority cited: Section 215, Financial Code. Reference: Chapter 3, Division 1, Financial Code.

History

1. Amendment of subsection (b)(4)(D), repealer of subsections (b)(4)(E) and (b)(4)(F), and new Note filed 4-7-97; operative 4-7-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15).

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