1. (a) For purposes of Financial Code Section 1045, no subject institution shall be deemed to have filed evidence of incorporation and organization with the Commissioner pursuant to Financial Code Section 1041 unless such subject institution shall have filed with the Commissioner:

   1. (1) Copy of its articles of incorporation certified by the Secretary of State.
   2. (2) Reports called for in Section 10.3515 of this Chapter.

2. (b) An application by a subject institution for an extension of time for completing organization shall contain:

   1. (1) Date on which the time for completing organization is scheduled to expire.
   2. (2) Description of progress to date in the organization of the subject institution.
   3. (3) Proposed timetable for completing the organization of the subject institution.
   4. (4) Amount of additional time requested for completing the organization of the subject institution.
   5. (5) Statement of reasons why such additional time is required for completing the organization of the subject institution.

3. (c) In case the right to organize a subject institution automatically terminates pursuant to Financial Code Section 1045, such subject institution shall be wound up and dissolved, and it shall file with the Commissioner:

   1. (1) Copy of a certificate of election to wind up and dissolve filed with the Secretary of State pursuant to Corporations Code Section 1901, certified by the Secretary of State.
   2. (2) Either (A) a copy of a certificate of dissolution filed with Secretary of State pursuant to Corporations Code Section 1905, certified by the Secretary of State, or (B) a copy of an order entered by a superior court pursuant to Corporations Code Section 1907, certified by the clerk of such superior court.

Note: Authority cited: Section 326, Financial Code. Reference: Sections 1041, 1045 and 455, 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).

2. Repealer of subsection (a)(2), subsection relettering, and amendment of Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).

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