California § 4876.08. 4876.08. (Amended by Stats. 1996, Ch. 1064, Sec. 497.6.)

California Statutes

§ 4876.08. — 4876.08. (Amended by Stats. 1996, Ch. 1064, Sec. 497.6.)

California·Code FIN Financial Code - FIN·Div. 1.6. DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION·Ch. 3. CHAPTER 3. Sale·Art. 3.5. ARTICLE 3.5. Sale of Whole Business Unit of California State Independent Trust Company to Uninsured 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 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, 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.

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Promptly after a sale becomes effective:
(a)
The seller shall:
(1)
Surrender to the commissioner for cancellation the certificates of authority 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, 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.

California § 4876.08. (4876.08. (Amended by Stats. 1996, Ch. 1064, Sec. 497.6.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.