§ 31604. — 31604. (Amended by Stats. 1996, Ch. 1064, Sec. 676.)

California § 31604.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 15.: DIVISION 15. BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
• Ch. 9.: CHAPTER 9. Merger and Purchase or Sale of Business

Text

If the commissioner finds, with respect to an application for approval of a merger, purchase, or sale:
(a)
That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee;
(b)
That it is reasonable to believe that, upon consummation of the merger, purchase, or sale, the acquiring licensee will comply with all applicable provisions of this division and of any regulation or order issued under this
division; and
(c)
That the merger, purchase, or sale will not be detrimental to the public convenience and advantage, or, if the merger, purchase, or sale would be detrimental to the public convenience and advantage, that it is necessary in the interests of the safety and soundness of any of the parties to it;
The commissioner shall approve the application. If, after notice and a hearing, the commissioner finds otherwise, he or she shall deny the application.

Legislative History

Amended by Stats. 1996, Ch. 1064, Sec. 676. Effective January 1, 1997. Operative July 1, 1997.