Statute · California Financial Code
Cal. Fin. Code § 4861 — Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank
Cal. Fin. Code § 4861
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 1997-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Promptly after a sale becomes effective:
Citator
Cal. Fin. Code § 4861 — Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank is in force in the current edition of the Code, and nothing recorded condemns it.
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.