State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 3580

FINANCIAL CODE
SECTION 3580



3580.  Any bank may, with the consent of the commissioner, upon such
conditions and under such regulations as the commissioner may
prescribe, acquire and hold, directly or indirectly, the stock or
other evidences of ownership in one or more banks organized under the
laws of a foreign country or a dependency or insular possession of
the United States and not engaged, directly or indirectly, in any
activity in the United States except as, in the judgment of the
commissioner, shall be incidental to the international or foreign
business of the bank. An application for consent shall be in such
form and contain such information as the commissioner may require,
and be accompanied by a fee of five hundred dollars ($500). The
aggregate amount invested by any bank in the stock or other evidences
of ownership shall not in any way be subject to, or included in, the
limitations prescribed in Sections 3513, 3560, and 3570, but the
aggregate amount invested directly or indirectly (other than through
a corporation organized under the laws of this state for the purpose
of transacting business under Article 1 (commencing with Section
3500) or operating under Article 2 (commencing with Section 3560) or
Article 3 (commencing with Section 3570) in the stock or other
evidences of ownership of all foreign banks, taken together with
investments by the subscribing bank in the shares of corporations
organized under the laws of this state for the purpose of transacting
business under Article 1 (commencing with Section 3500) or operating
under Article 2 (commencing with Section 3560) or Article 3
(commencing with Section 3570), shall not at any one time exceed 25
percent of the subscribing bank's shareholders' equity.