California Legal Codes and Statutes

§ 1867

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.

No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a depositary for the funds of the depositing corporation by the vote of a majority of the directors of the depositing corporation and has been approved by the commissioner as a depositary. The commissioner may in his or her discretion revoke his or her approval of any such depositary. This limitation shall not apply to the deposit of funds by

a corporation with another moneyed corporation, that owns all or a majority of the capital stock of the corporation.

Cite this section

Cal. Fin. Code § 1867 (2026)
https://ca.codecond.com/codes/fin/division-1-1-banking/chapter-21-international-and-foreign-banking-and-financing/article-1-international-and-foreign-banking-and-financing-corporations/section-1867

Other sections in Article 1 - International and Foreign Banking and Financing Corporations

§ 1850§ 1851§ 1852§ 1853§ 1854§ 1855§ 1856§ 1857§ 1858§ 1859…§ 1888§ 1889§ 1890§ 1891§ 1892§ 1893§ 1894§ 1895§ 1896§ 1897

This content is for reference, learning, and study purposes only. All legal text should be verified against the official California Legislative Information website, which is the authoritative source for California law. Data last processed: February 8, 2026.