§ 4861. — 4861. (Amended by Stats. 1996, Ch. 1064, Sec. 495.)

California § 4861.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.6.: DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION
• Ch. 3.: CHAPTER 3. Sale
• Art. 2.: ARTICLE 2. Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank

Text

Promptly after a sale becomes effective:
(a)
The seller shall:
(1)
Surrender to the commissioner for cancellation the certificates of authority or licenses issued to it by the commissioner.
(2)
File with the commissioner any report regarding the sale that the commissioner may require.
(b)
In case the
seller is a California state depository corporation, the seller shall wind up and dissolve. However, if the seller is a California state bank, the seller may, in the alternative and with the approval of the commissioner, change into a nonbank corporation by amending its articles and changing its name.

Legislative History

Amended by Stats. 1996, Ch. 1064, Sec. 495. Effective January 1, 1997. Operative July 1, 1997.