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HomeFinancial CodeDiv. 1Ch. 2§ 250 Banking Law Definitions

§ 250 Banking Law Definitions

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

§ 250 Banking Law Definitions

Key Takeaways

  • •This section defines special words used in the law, like 'New General Corporation Law' and 'Prior Banking Law'.
  • •A 'subject institution' is a special kind of company approved by the state to do banking or trust business.
  • •The law explains what different versions of the law mean, like old and new rules for banks.

Example

A company wants to start a bank in California.

The company must follow the rules in the 'Revised Banking Law' and get approval from the state to be called a 'subject institution'.

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

Official Source
View on CA.gov

§ 250 Banking Law Definitions

In this chapter, unless the provision or context requires otherwise: (a) “New General Corporation Law” means Division 1 (commencing with Section 100), Title 1 of the Corporations Code, as in effect on and after January 1, 1977. (b) “Prior Banking Law” means this division, as in effect on December 31, 1978. (c) “Prior General Corporation Law” means Division 1 (commencing with Section 100), Title 1 of the Corporations Code, as in effect on December 31, 1976. (d) “Revised Banking Law” means this division, as in effect on and after January 1, 1979, and as repealed and readded as of January 1, 2012. (e) “Subject institution” means: (1) Any corporation incorporated under the laws of this state which is, with the approval of the commissioner, incorporated for the purpose of engaging in, or which is authorized by the commissioner to engage in, the commercial banking business under this division. (2) Any corporation incorporated under the laws of this state which is, with the approval of the commissioner, incorporated for the purpose of engaging in, or which is authorized by the commissioner to engage in, the trust business under this division. (3) Any corporation incorporated under the laws of this state which is, with the approval of the commissioner, incorporated for the purpose of engaging in, or which is authorized by the commissioner to engage in, business under Article 1 (commencing with Section 1850) of Chapter 21 of Division 1.1. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

corporationprior banking lawrevised banking lawsubject institutionfinecommission

Related Statutes

  • § 100003 Commissioner Licensing Authority
  • § 4839 Corporate Transaction Filing Fees
  • § 5606 Savings Account Insurance Requirement
  • § 5653 Thrift Institution Violation Penalties
  • § 14102 Credit Union Amendment Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 250.
View Official Source