Corpus browser

Financial Code - FIN - FIN § 4877.05

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4877.05

A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in Section 4879.01.

Financial Code - FIN - FIN § 4877.06

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4877.06

Promptly after a sale becomes effective, the seller shall: (a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to the California branch business unit sold. (b) File with the commissioner any repo

Financial Code - FIN - FIN § 4877.07

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4877.07

(a) After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stating that the seller sold a California branch business unit to the purchaser, describing the business unit, and specifying the time at which the sale became effective. (b) Any certif

Financial Code - FIN - FIN § 4878.01

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.01

In this article, unless the context otherwise requires, “sale” means any sale described in Section 4878.02.

Financial Code - FIN - FIN § 4878.02

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.02

With the approval of the commissioner, a California state bank or savings association may sell a partial trust business unit to an uninsured foreign (other state) state depository corporation pursuant to (a) this article and (b) the law of the purchaser’s domicile.

Financial Code - FIN - FIN § 4878.03

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.03

A sale is subject to the provisions of Sections 4879.03 to 4879.09, inclusive, as if the sale were a sale of the type defined in Section 4879.01.

Financial Code - FIN - FIN § 4878.04

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.04

If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application: (a) That the shareholders’ equity of the purchaser will be adequate and that the financial condition of the purchaser will be sati

Financial Code - FIN - FIN § 4878.05

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.05

After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the agreement of sale and endorse the approval on the original or a copy of the agreement of sale. The sa

Financial Code - FIN - FIN § 4878.06

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.06

A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in Section 4879.01.

Financial Code - FIN - FIN § 4878.07

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.07

(a) In case a seller is a California state commercial bank and sells all of its trust business in a sale: (1) As of the time when the sale becomes effective, the commissioner shall issue to the seller certificates of authority authorizing it to transact commercial banking busines

Financial Code - FIN - FIN § 4878.08

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4878.08

(a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stating that the seller sold a partial trust business unit to the purchaser, describing the business unit, and specifying the time at which the sale became effective. (b) Any certificat

Financial Code - FIN - FIN § 4879.01

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.01

In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4879.02.

Financial Code - FIN - FIN § 4879.02

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.02

With the approval of the commissioner: (a) A bank may sell a partial business unit to a California state bank pursuant to (1) this article, (2) in case the seller is a national banking association or a California federally licensed foreign (other nation) bank, federal law, (3) in

Financial Code - FIN - FIN § 4879.03

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.03

A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to the purchaser, and the purchaser shall purchase from the seller, a partial business unit, describing it. (b) Other provisions as may be appropriate.

Financial Code - FIN - FIN § 4879.04

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.04

The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of a California state depository corporation: (1) If, as of the time when the agreement of sale is made, the deposits, if any, of the partial business unit are less than 10 percent of

Financial Code - FIN - FIN § 4879.05

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.05

(a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows: (1) In the case of a California state depository corporation, by the board of the corporation, and, if the principal terms of the agreement of sale were required to be approved by

Financial Code - FIN - FIN § 4879.06

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.06

In the case of a seller or purchaser that is a California state depository corporation, any approval of the outstanding shares of the corporation required by Section 4879.04 or 4879.05 may be given before or after the approval of the board of the depository corporation.

Financial Code - FIN - FIN § 4879.07

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.07

In obtaining any approval of outstanding shares required for an agreement of sale, a purchaser or seller that is a California state depository corporation and, in any case where the purchaser is a California state depository corporation that is to issue securities in consideratio

Financial Code - FIN - FIN § 4879.08

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.08

A purchaser or seller that is a California state depository corporation, with the approval or its board and without further approval of the outstanding shares, may, and any other purchaser or seller, with approval as may be required under the law of its domicile, may, in its disc

Financial Code - FIN - FIN § 4879.09

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.09

A purchaser or seller that is a California state depository corporation or California state-licensed foreign (other nation) bank, shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers’ certificate of the purchaser, certifying that th

Financial Code - FIN - FIN § 4879.10

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.10

(a) In case the purchaser is either, and the seller is not either, a California state depository corporation or California state-licensed foreign (other nation) bank, if the commissioner finds all of the following with respect to an application for approval of a sale, he or she s

Financial Code - FIN - FIN § 4879.11

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.11

After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the agreement of sale and endorse the approval on the original or a copy of the agreement of sale, and at

Financial Code - FIN - FIN § 4879.12

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.12

When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation) bank: (a) Unless the purchaser provided otherwise in the application for approval of the sale or unless the commissioner provided

Financial Code - FIN - FIN § 4879.13

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.13

In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time when the sale becomes effective, the commissioner shall issue to the seller certificates of authority authorizing it to transact commercial banking business in

Financial Code - FIN - FIN § 4879.14

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 4879.14

When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to the purchaser under the agreement of sale. (b) The purchaser shall assume in the same manner as if the purchaser had itself incurred