California Assembly Bill AB1933 Introduced / Bill

 BILL NUMBER: AB 1933INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Travis Allen FEBRUARY 12, 2016 An act to amend Section 1100 of the Financial Code, relating to banking. LEGISLATIVE COUNSEL'S DIGEST AB 1933, as introduced, Travis Allen. Banking. Existing law regulates the practice of banking in California and classifies these institutions as a commercial banks, industrial banks, and trust companies. Existing law prescribes requirements for the articles of different classes of banks. This bill would make nonsubstantive changes to the requirements for bank articles, as described above. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 1100 of the Financial Code is amended to read: 1100. The articles of each bank shall contain the applicable one of the following statements: (a) In case the bank is, or is proposed to be, a commercial bank not authorized to engage in trust business, that the purpose of the corporation is to engage in commercial banking business and any other lawful activities  which   that  are not, by applicable laws or regulations, prohibited to a commercial bank. (b) In case the bank is, or is proposed to be, a commercial bank authorized to engage in trust business, that the purpose of the corporation is to engage in commercial banking business and trust business and any other lawful activities  which   that  are not, by applicable laws or regulations, prohibited to a commercial bank authorized to engage in trust business. (c) In case the bank is, or is proposed to be, an industrial bank not authorized to engage in trust business, that the purpose of the corporation is to engage in industrial banking business and any other lawful activities  which   that  are not, by applicable laws or regulations, prohibited to an industrial bank. (d) In case the bank is, or is proposed to be, an industrial bank authorized to engage in trust business, that the purpose of the corporation is to engage in industrial banking business and trust business and any other lawful activities  which   that  are not, by applicable laws or regulations, prohibited to an industrial bank authorized to engage in trust business. (e) In case the bank is, or is proposed to be, a trust  company (other   company, other  than a commercial bank authorized to engage in trust  business),   business,  that the purpose of the corporation is to engage in trust business and any other lawful activities  which   that  are not, by applicable laws or regulations, prohibited to a trust company.