1. (a) That the entire contributed capital of the subject institution, specifying the amount, has been fully paid in lawful money, unconditionally; and,
2. (b) That the funds representing such contributed capital, plus or minus net income, gain, or loss on investments, specifying the amount, are on deposit in a California commercial bank, specifying the name and address, subject to withdrawal on demand.

Not more than 30 days nor less than five business days before commencing business, a subject institution shall file with the Commissioner a report signed by an executive officer of the subject institution, stating:

Note: Authority cited: Section 215, Financial Code. Reference: Section 400, Financial Code.

History

1. Change without regulatory effect amending subsection (a)(1) filed 7-2-91 pursuant to section 100, title 1, California Code of Regulations (Register 91, No. 40).

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).

3. Amendment of section filed 4-14-98; operative 5-14-98 (Register 98, No. 16).