{"code":"FIN","codeName":"Financial Code","section":"4846","citation":"Fin. Code, § 4846","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION [4800. - 4966.]","url":"https://blackletter.si/financial-code/division-1.6"},{"name":"CHAPTER 3. Sale [4840. - 4879.17.]","url":"https://blackletter.si/financial-code/division-1.6/chapter-3"},{"name":"ARTICLE 2. Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank [4845. - 4862.]","url":"https://blackletter.si/financial-code/division-1.6/chapter-3/article-2"}],"history":"Amended by Stats. 1996, Ch. 1064, Sec. 488.   Effective January 1, 1997.   Operative July 1, 1997.","effective":"1997-01-01","html":"<p>With the approval of the commissioner:</p><p>(a) A bank may sell its whole business unit to a California state bank or a California state-licensed foreign (other nation) 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, and (3) in case the seller or purchaser is a foreign bank, the law of the foreign bank’s domicile.</p><p>(b) An industrial loan company may sell its whole business unit to a California industrial loan company pursuant to (1) this article and (2) in case the seller is a foreign (other state) industrial loan company, the law of the foreign industrial loan company’s domicile.</p><p>(c) A depository corporation of any class may sell its whole business unit to a California state depository corporation of another class or a California state-licensed foreign (other nation) bank pursuant to (1) this article, (2) in case the seller is a federal depository corporation or a California federally licensed foreign (other nation) bank, federal law, (3) in case the seller is a foreign depository corporation, the law of the foreign depository corporation’s domicile, and (4) in case the purchaser is a California state-licensed foreign (other nation) bank, the law of the foreign bank’s domicile.</p>","text":"With the approval of the commissioner: (a) A bank may sell its whole business unit to a California state bank or a California state-licensed foreign (other nation) 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, and (3) in case the seller or purchaser is a foreign bank, the law of the foreign bank’s domicile. (b) An industrial loan company may sell its whole business unit to a California industrial loan company pursuant to (1) this article and (2) in case the seller is a foreign (other state) industrial loan company, the law of the foreign industrial loan company’s domicile. (c) A depository corporation of any class may sell its whole business unit to a California state depository corporation of another class or a California state-licensed foreign (other nation) bank pursuant to (1) this article, (2) in case the seller is a federal depository corporation or a California federally licensed foreign (other nation) bank, federal law, (3) in case the seller is a foreign depository corporation, the law of the foreign depository corporation’s domicile, and (4) in case the purchaser is a California state-licensed foreign (other nation) bank, the law of the foreign bank’s domicile.","otherVersions":[],"url":"https://blackletter.si/financial-code/sale-of-whole-business-unit-to-california-state-depository-4846","source":"California Legislative Information bulk export (pubinfo)"}