CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2556Introduced by Assembly Member ChenFebruary 19, 2020 An act to amend Section 1205 of the Financial Code, relating to banking. LEGISLATIVE COUNSEL'S DIGESTAB 2556, as introduced, Chen. Securities: permits.Existing law prohibits a bank organized under the laws of the state to offer or sell any security issued by it unless the Commissioner of Financial Institutions has issued a permit authorizing such sale. Existing law requires the commissioner to issue a permit authorizing an applicant to offer and sell securities, as specified, if the commissioner finds that the proposed sale of securities is fair, just, and equitable.This bill would make nonsubstantive changes to that latter provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 1205 of the Financial Code is amended to read:1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2556Introduced by Assembly Member ChenFebruary 19, 2020 An act to amend Section 1205 of the Financial Code, relating to banking. LEGISLATIVE COUNSEL'S DIGESTAB 2556, as introduced, Chen. Securities: permits.Existing law prohibits a bank organized under the laws of the state to offer or sell any security issued by it unless the Commissioner of Financial Institutions has issued a permit authorizing such sale. Existing law requires the commissioner to issue a permit authorizing an applicant to offer and sell securities, as specified, if the commissioner finds that the proposed sale of securities is fair, just, and equitable.This bill would make nonsubstantive changes to that latter provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
Assembly Bill
No. 2556
Introduced by Assembly Member ChenFebruary 19, 2020
Introduced by Assembly Member Chen
February 19, 2020
An act to amend Section 1205 of the Financial Code, relating to banking.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2556, as introduced, Chen. Securities: permits.
Existing law prohibits a bank organized under the laws of the state to offer or sell any security issued by it unless the Commissioner of Financial Institutions has issued a permit authorizing such sale. Existing law requires the commissioner to issue a permit authorizing an applicant to offer and sell securities, as specified, if the commissioner finds that the proposed sale of securities is fair, just, and equitable.This bill would make nonsubstantive changes to that latter provision.
Existing law prohibits a bank organized under the laws of the state to offer or sell any security issued by it unless the Commissioner of Financial Institutions has issued a permit authorizing such sale. Existing law requires the commissioner to issue a permit authorizing an applicant to offer and sell securities, as specified, if the commissioner finds that the proposed sale of securities is fair, just, and equitable.
This bill would make nonsubstantive changes to that latter provision.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 1205 of the Financial Code is amended to read:1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 1205 of the Financial Code is amended to read:1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
SECTION 1. Section 1205 of the Financial Code is amended to read:
### SECTION 1.
1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.
1205. If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.