California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 10 - Banks › Article 4 - Establishment of California State Banks › Subarticle 2 - Establishment of California State Commercial Bank, Industrial Bank, or Independent Trust Company › Part 5 - Post-Incorporation Matters › Subpart 3 - Other Post-Incorporation Matters › Section 10.3506 - Directors

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Except with the
						  prior approval of the Commissioner, no person shall be elected as a director of
						  a subject institution at any time before such subject institution commences
						  business other than a person named as a proposed director in the application
						  for authority to organize the subject institution.
(b) An application by a subject institution
						  for approval for the election of a person as a director shall contain:
(1) Name of the proposed director.
(2) Personal financial statement in the form
						  of Department Form 2, containing the information called for therein, dated as
						  of a date within 90 days before the filing of the application, and signed by
						  the proposed director.
(3)
						  Confidential resume in the form of Department Form 3, containing the
						  information called for therein, dated as of a date within 90 days before the
						  filing of the application and signed by the proposed director.
(4) Statement dated as of a date within 90
						  days before the filing of the application and signed by the proposed director,
						  stating:
(A) Amount of shares of the subject
						  institution for which the proposed director has subscribed or intends to
						  subscribe, the source of funds with which he intends to pay for such
						  subscription, and, if any of such funds are to be borrowed, the amount to be
						  borrowed and the source of funds with which he intends to repay such
						  amount.
(B) Whether or not, to the
						  knowledge or information and belief of the proposed director, any consociate of
						  the proposed director has subscribed or intends to subscribe for shares of the
						  subject institution and, if so, the name, business address, home address, and
						  business or occupation of the consociate, the amount of shares of the subject
						  institution for which the consociate has subscribed or intends to subscribe,
						  the source of funds with which he intends to pay for such subscription, and, if
						  any of such funds are to be borrowed, the amount to be borrowed and the source
						  of funds with which he intends to repay such amount.
(C) Commercial banking, trust, other
						  financial, and other business experience of the proposed director, including,
						  with respect to each position held, title, description of duties, name and
						  address of employer, period of employment, and reason for leaving.
(D) Whether or not the proposed director has
						  had in the past or has presently any relationship with any bank as director,
						  officer, employee, adviser, 15 percent equity security owner, or in any other
						  capacity (other than solely as a customer), and, if so, the name of the bank
						  and a description of the relationship, and, in the case of any present
						  relationship, whether the proposed director intends to continue, change, or
						  terminate such relationship if and when the subject institution commences
						  business.