California · Financial Code

FIN §1040: In this article: (a) “Preopening expenditure” means any obligation incurred, or sum disbursed, by a bank prior to the time when it commences to transact banking business, for the purpose of organizing

What this law says, in plain English

This statute defines 'preopening expenditure' as money a bank spends or owes before it starts operating, for purposes of organizing the bank.

Read the full statutory text

In this article: (a) “Preopening expenditure” means any obligation incurred, or sum disbursed, by a bank prior to the time when it commences to transact banking business, for the purpose of organizing such bank. (b) “Preopening noncapital expenditure” means any preopening expenditure other than such preopening expenditures as may be capitalized.

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