After complying with Section 10.3515 of this Chapter but not less than five business days before commencing business, a subject institution which is to engage in trust business shall apply to the Commissioner for approval of money or securities to be deposited with the State Treasurer; and, before commencing business, such subject institution shall, pursuant to such order as the Commissioner may issue, deposit with the State Treasurer money or securities as security for the faithful performance and execution of all court trusts accepted by the subject institution and money or securities for the faithful performance of all private trusts accepted by the subject institution.

Note: Authority cited: Section 215, Financial Code. Reference: Sections 1500, 1500.1 and Article 3, Chapter 12, Division 1, Financial Code.

History

1. Amendment of section 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).