California Statutes
§ 4874. — 4874. (Amended by Stats. 1996, Ch. 1064, Sec. 497.)
California·Code FIN Financial Code - FIN·Div. 1.6. DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION·Ch. 3. CHAPTER 3. Sale·Art. 3. ARTICLE 3. Sale of Whole Business Unit to Federal Depository Corporation, California Federally Licensed Foreign (Other Nation) Bank, or Insured Foreign (Other State) State Depository Corporation
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 of the sale that the commissioner may require.
(b)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.
Free access — add to your briefcase to read the full text and ask questions with AI
California § 4874. (4874. (Amended by Stats. 1996, Ch. 1064, Sec. 497.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1996, Ch. 1064, Sec. 497. Effective January 1, 1997. Operative July 1, 1997.