Financial Code - FIN
DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION [4800 - 4966]
( Heading of Division 1.6 renumbered from Division 1.5 by Stats. 2011, Ch. 243, Sec. 8. ) CHAPTER 3. Sale [4840 - 4879.17]
( Chapter 3 added by Stats. 1982, Ch. 1411, Sec. 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 [4870 - 4875]
( Heading of Article 3 amended by Stats. 1996, Ch. 887, Sec. 29. ) 4874.
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.
(Amended by Stats. 1996, Ch. 1064, Sec. 497. Effective January 1, 1997. Operative July 1, 1997.)