Before a certificate of authority is issued, the capital of the association shall be paid into the association and, in the case of stock, shall be the sum of the par or initially stated value of all shares of capital stock, plus the initial paid-in surplus. The minimum required capital shall be established by regulations, or instructions, issued by the commissioner.
Cal. Fin. Code § 5601
Postincorporation Organization of Associations
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Amended by Stats. 1984, Ch. 287, Sec. 3.5
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.