1. (a) In case the subject institution is to be a commercial bank:

   1. (1) Written confirmation from the insurer named in the financial institutions bond maintained by the applicant or from an agent of such insurer that the financial institutions bond will continue in force with respect to the subject institution; or
   2. (2) A new financial institutions bond.

2. (b) In case the subject institution is to be an independent trust company:

   1. (1) Written confirmation from the insurer named in the fidelity bond maintained by the applicant or from an agent of such insurer that such fidelity bond will continue in force with respect to the subject institution; or
   2. (2) A new fidelity bond.

Not less than five business days before commencing business, a subject institution shall obtain:

Note: Authority cited: Section 4831, Financial Code. Reference: Sections 4832, 4835, 4941, 4944, 4945 and 4948, 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. Editorial correction of subsection (a) (Register 98, No. 16).

3. Amendment of subsections (a)(1) and (a)(2) and amendment of Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).