Article 2. Shares of California Financial Code >> Division 1.1. >> Chapter 5. >> Article 2.

A bank may, with the approval of its board, determine and from time to time redetermine the par value of any class or series of its shares unless its articles provide that such shares shall have par value and specify the par value of such shares.

No bank or trust company after October 1, 1949, shall issue any shares before they are fully paid for.

No bank shall issue any shares in consideration of:
  (a) Services rendered in the organization of such bank; or
  (b) Any note (whether or not negotiable and whether or not secured) made by the purchaser of such shares.