Section 10.151 - Organizer"Organizer," when used with respect to a corporation or other organization, means:
(a) Any person who, alone or in conjunction with one or more other persons, directly or indirectly takes the initiative in founding and organizing the business or enterprise of the corporation or other organization. In the case of a public bank, organizer means the local agency or agencies that file an application for a public bank charter; or(b) Any person who, in connection with the founding and organizing of the business or enterprise of the corporation or other organization, directly or indirectly receives in consideration of services or property, or both, 10% or more of any class of securities of the corporation or other organization or 10% or more of the proceeds from the sale of any class of such securities. However, any person who receives such securities or proceeds either solely as underwriting commissions or solely in consideration of property shall not be deemed to be an organizer if that person does not otherwise take part in founding and organizing the corporation or other organization. Each person who applies for authority to organize a California state bank and each person who is proposed in such application to be a director or the chief executive officer of such bank is rebuttably presumed to be an organizer of such bank.
Cal. Code Regs. Tit. 10, § 10.151
1. Amendment of subsections (a)-(b) and new NOTE filed 9-14-2021; operative 1-1-2022 (Register 2021, No. 38). Note: Authority cited: Section 326, Financial Code. Reference: Section 1022, Financial Code.
1. Amendment of subsections (a)-(b) and new Note filed 9-14-2021; operative 1/1/2022 (Register 2021, No. 38).