Section § 1

Explanation

This section simply states that the act is officially named the Financial Code.

This act is known and may be cited as the Financial Code.

Section § 2

Explanation

This law states that if the rules in this code are essentially similar to already existing laws on the same topic, they should be viewed as ongoing laws, not as brand-new rules.

The provisions of this code insofar as they are substantially the same as existing statutory provisions relating to the same subject matter shall be construed as restatements and continuations, and not as new enactments.

Section § 3

Explanation

This law ensures that if you started a legal action or acquired a right before the new code took effect, the new code won't change your situation. However, any procedures going forward should, if possible, follow the new code's rules.

Any action or proceeding commenced before this code takes effect, or any right accrued, is not affected by this code, but all procedure taken shall conform to the provisions of this code as far as possible.

Section § 4

Explanation

This law section states that the upcoming general rules should be used to interpret how the rest of this code is applied, unless there's a specific reason not to.

Unless the context otherwise requires the general provisions hereinafter set forth govern the construction of this code.

Section § 5

Explanation
The titles and headings used in the code do not change or influence how the laws and their intentions are understood or applied.
Division, part, chapter, article, and section headings do not in any manner affect the scope, meaning, or intent of the provisions of this code.

Section § 6

Explanation

This law states that if someone or a board is given a power or responsibility by the code, they can allow someone else, like a deputy, to do it on their behalf unless the law specifically says they must do it themselves.

Whenever a power is granted to, or a duty imposed on any person or board by any provision of this code, it may be exercised or performed by any deputy or person authorized by the person or board to whom the power is granted or on whom the duty is imposed, unless it is expressly provided that the power or duty shall be exercised or performed only by the person or board to whom the power is granted or on whom the duty is imposed.

Section § 7

Explanation

When a legal reference is made to a part of this code or another law, it includes any changes or additions that have been made or will be made in the future.

Whenever any reference is made to any portion of this code or of any other law, the reference applies to all amendments and additions thereto, now or hereafter made.

Section § 8

Explanation

This law defines 'writing' as any recorded message that can be understood by reading. Whenever the law requires a notice, report, or similar document, it must be written in English. If you need to send an official communication by registered mail, using certified mail is considered adequate according to the rules.

“Writing” includes any form of recorded message capable of comprehension by ordinary visual means. Whenever any notice, report, petition, permit, statement, or record is required by this code, it shall be made in writing in the English language.
Wherever any notice or other communication is required by this code to be mailed by registered mail by or to any person or corporation, the mailing of such notice or other communication by certified mail shall be deemed to be a sufficient compliance with the requirements of law.

Section § 9

Explanation

In this section, "section" refers to a part of the financial code being discussed, unless it's clearly stated to refer to a different law. Similarly, "subdivision" refers to a part of the section it's mentioned in, unless a specific other section is named.

“Section” means a section of this code unless some other statute is specifically mentioned, and “subdivision” means a subdivision of the section in which the term occurs unless some other section is expressly mentioned.

Section § 10

Explanation

This rule means that when interpreting legal documents, references to actions in the present tense can also apply to those actions if they happened in the past or will happen in the future.

The present tense includes the past and future tenses; and the future, the present.

Section § 11

Explanation

This law clarifies that when a legal document uses masculine terms, those terms also apply to feminine and neuter genders. This means that gender-specific language should be interpreted broadly to include all genders.

The masculine gender includes the feminine and neuter.

Section § 11.2

Explanation

This law clarifies that when California legal language mentions a 'spouse,' it also means a 'registered domestic partner,' ensuring equal treatment under the law.

“Spouse” includes “registered domestic partner,” as required by Section 297.5 of the Family Code.

Section § 12

Explanation

This law means that if something is written in the singular form, it also covers the plural form, and vice versa. Basically, words like 'book' can mean 'books' and 'books' can mean 'book' depending on what makes sense in context.

The singular number includes the plural and the plural the singular.

Section § 13

Explanation

This law clarifies that the term "City" covers a variety of entities, such as incorporated cities, combined city and county areas, municipal corporations, municipalities, towns, and incorporated towns.

“City” includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town.

Section § 14

Explanation

This law clarifies that when you come across the term "county" in this context, it also covers both individual cities and combined city-counties.

“County” includes city and county.

Section § 15

Explanation

This legal section clarifies the meaning of two words often used in laws. "Shall" means you must do something, while "may" means you have the option to do it but it's not required.

“Shall” is mandatory and “may” is permissive.

Section § 16

Explanation

This section explains that in the context of this law, whenever someone refers to an 'oath,' it also covers affirmations. This means both sworn oaths and solemn affirmations are considered equivalent.

“Oath” includes affirmation.

Section § 17

Explanation

This law states that in legal terms, a 'signature' or 'subscription' can include a simple mark. The way the mark should be made follows the rules set out in the Civil Code.

“Signature” or “subscription” includes mark. The mark shall be made as required in the Civil Code.

Section § 18

Explanation

This law defines the term "person" to cover a wide range of entities. It includes individuals as well as various types of businesses and organizations like firms, corporations, limited liability companies, partnerships, associations, syndicates, estates, trusts, and others.

“Person” includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind.

Section § 19

Explanation

This law says that if one part of the code is found to be invalid or can't be applied to a certain person or situation, it doesn't mess up the rest of the code. The other parts or how they apply to other people or situations remain unchanged. So, basically, one bad part doesn't ruin the whole thing.

If any provision of this code, or its application to any person or circumstance, is held invalid, the remainder of the code, or the application of the provision to other persons or circumstances is not affected.

Section § 20

Explanation

This law says that if a corporation was already formed before this code became effective, its existence won't be impacted by the new code. Even if the rules for creating corporations change or the laws under which they were originally established are amended or repealed, the corporation will continue to exist.

The existence of corporations formed or existing on the date this code takes effect is not affected by the enactment of this code nor by any change in the requirements for the formation of corporations, nor by the amendment or repeal of the laws under which they were formed or created.

Section § 21

Explanation

This law states that if someone was holding a government office before this law was updated, and if their office is still recognized under the new law, they can continue in that position under the same terms as before.

All persons who, at the time this code goes into effect, hold office under any of the acts repealed by this code, which offices are continued by this code, continue to hold them according to their former tenure.

Section § 22

Explanation

This section simply names and refers to a specific part of the law as the Vuich-Calderon Financial Institutions Act of 1986, which starts at Section 10000 in Division 2, Chapter 10. It overrides any conflicting part of the code with this naming.

Notwithstanding any other provision of this code, Chapter 10 (commencing with Section 10000) of Division 2 shall be known and may be cited as the Vuich-Calderon Financial Institutions Act of 1986.