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HomeFinancial CodeDiv. 1Ch. 1§ 111 Industrial Bank Definition

§ 111 Industrial Bank Definition

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 111 Industrial Bank Definition

This law defines an “industrial bank” as a corporation that is set up specifically to do industrial banking business.

Key Takeaways

  • •An industrial bank is a corporation, not an individual or partnership.
  • •Its only purpose is to engage in industrial banking activities.
  • •This definition is used by other laws to decide what rules apply to such banks.

Example

A company forms a corporation that only takes deposits from businesses and makes loans to other businesses.

Because the corporation’s purpose is to do industrial banking, it is called an “industrial bank” under this definition.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 111 Industrial Bank Definition

“Industrial bank” means a corporation organized for the purpose of engaging in the industrial banking business. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

industrial bankcorporationindustrial banking business

Related Statutes

  • § 117 Trust Company Definition
  • § 100002 Debt Collection Definitions
  • § 1004 State Bank Incorporation Rules
  • § 1005 Banking Business Requirements
  • § 1006 Bank Corporation Formation Restrictions

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 111.
View Official Source