California Corporations Code

§ 2510

CORP § 2510 Effective Jan 1, 2023Div. 1.5 · Title 1 · Ch. 1

Statute text

“Social purpose corporation subject to the Banking Law” means any of the following:

(a)A social purpose corporation that, with the approval of the Commissioner of Financial Protection and Innovation, is incorporated for the purpose of engaging in, or that is authorized by the Commissioner of Financial Protection and Innovation to engage in, the commercial banking business under the Banking Law (Division 1.1 (commencing with Section 1000) of the Financial Code).

(b)Any social purpose corporation that, with the approval of the Commissioner of Financial Protection and Innovation, is incorporated for the purpose of engaging in, or that is authorized by the Commissioner of Financial Protection and Innovation to engage in, the industrial banking business under the Banking Law (Division 1.1 (commencing with Section 1000) of the Financial Code).

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 50. (SB 1498) Effective January 1, 2023.