Cal. Code Regs. tit. 10, § 103.107 – New Associations--Capital Requirements.

(a) Application. An application for approval of a new guarantee stock or mutual association must comply with current instructions issued by the commissioner.
(b) Guarantee Stock. A new guarantee stock association should have guarantee stock with a par value or stated value of at least $8 per share upon application for approval.

Note: Authority cited: Section 5255, Financial Code. Reference: Sections 5500-5515, 6456 and 6457, Financial Code.

History

1. Change without regulatory effect renumbering former Section 145.7 to Section 103.107 (Register 87, No. 14). For prior history, see Register 82, No. 16.