SECTIONS 620-622 - California Statutes

FINANCIAL CODE

SECTION 620-622

620. A bank may, with the approval of its board, determine and from
time to time redetermine the par value of any class or series of its
shares unless its articles provide that such shares shall have par
value and specify the par value of such shares.

621. No bank or trust company after October 1, 1949, shall issue
any shares before they are fully paid for.

622. No bank shall issue any shares in consideration of:
(a) Services rendered in the organization of such bank; or
(b) Any note (whether or not negotiable and whether or not
secured) made by the purchaser of such shares.