Statute · California Financial Code
Cal. Fin. Code § 4874 — Sale of Whole Business Unit to Federal Depository Corporation, California Federally Licensed Foreign (Other Nation) Bank, or Insured Foreign (Other State) State Depository Corporation
Cal. Fin. Code § 4874
- 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 § 4874 — Sale of Whole Business Unit to Federal Depository Corporation, California Federally Licensed Foreign (Other Nation) Bank, or Insured Foreign (Other State) State Depository Corporation 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 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.