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HomeFinancial CodeDiv. 2Ch. 2Art. 1§ 5401 Organizing Permit Application

§ 5401 Organizing Permit Application

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 5401 Organizing Permit Application

Key Takeaways

  • •You need to fill out a written form to start a new group (like a club or company).
  • •The form must include names of leaders, where the office will be, and how much money they plan to use.
  • •You also have to show any ads or papers they will use to ask people for money or support.
  • •The group's name must follow the rules and be approved first.

Example

A group of people want to start a new credit union in their town.

They must fill out a form with the names of their leaders, where their office will be, and how much money they need. They also have to show any flyers or ads they will use to ask people to join or donate. The name of their credit union must be checked and approved before they can use it.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 5401 Organizing Permit Application

The application for an organizing permit shall be in writing and shall be filed in the office of the commissioner. The application shall be executed and verified by the chairman of the organizers, who shall be elected by a majority vote of the organizers, and shall include the following: (a) The names and addresses of the organizers of the proposed association and, to the extent known, its proposed directors and officers, together with the proposed amount of capital stock and savings accounts to be purchased and funds for organization expenses to be contributed by each. (b) The proposed location of its office. (c) A copy of any contract proposed to be used for the solicitation of subscriptions for stock and savings accounts and funds for its organization expenses. (d) A copy of any advertisement, circular, or other written matter proposed to be used for soliciting stock and savings accounts subscriptions and funds for organization expenses. (e) An itemized estimate of the organization expenses proposed to be incurred. (f) A copy of the certificate of reservation of name issued under Section 5403. The name selected shall conform with the requirements of Article 4 (commencing with Section 5650). (g) Any additional information that the commissioner may require by written instructions. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

Last verified: January 23, 2026

Key Terms

organizationapplicationdirectorcontractcommissionstockassociationlocation

Related Statutes

  • § 5400 Organizing Permit Fund Collection
  • § 30204 Securities Depository License Application
  • § 5402 Organizing Permit Financial Conditions
  • § 5403 Name Reservation For Associations
  • § 5506 Initial Director Meeting Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 5401.
View Official Source