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 10.3507 - Officers and Employees

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
(1) Except with the prior approval of the
						  Commissioner, no subject institution shall, at any time before commencing
						  business, appoint as an officer any person not named as such proposed officer
						  in the application for authority to organize such subject
						  institution.
(2) An application by
						  a subject institution for approval to appoint a person as an officer shall
						  contain:
(A) Name of the proposed
						  officer.
(B) Proposed
						  title.
(C) Description of duties to
						  be performed by the proposed officer.
(D) Amount of salary and description of other
						  compensation to be paid to the proposed officer.
(E) 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 officer.
(F)
						  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 officer.
(G) Statement dated as of a date within 90
						  days before the filing of the application and signed by the proposed officer,
						  stating:
1. Amount of shares of the subject
						  institution for which the proposed officer 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.
2. Whether or not, to the
						  knowledge or information and belief of the proposed officer, any consociate of
						  the proposed officer 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.
3. Commercial banking, trust, other
						  financial, and other business experience of the proposed officer, including,
						  with respect to each position held, title, description of duties, name and
						  address of employer, period of employment, and reason for leaving.
4. Whether or not the proposed officer has
						  ever been discharged or requested to resign from any position, and, if so, an
						  account of the circumstances.