For purposes of this Article, an applicant shall be deemed to commence trust business at the time when, the Commissioner having issued to such applicant a certificate of authority authorizing it to transact trust business, the applicant opens its trust department for the purpose of engaging in trust business.

Note: Authority cited: Section 215, Financial Code. Reference: Section 1500.1, 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).