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.
§§ 4800–4966 · 181 sections
CHAPTER 1. General Provisions §§ 4800–4828.7 · 38 sections
ARTICLE 1. Short Title, Construction, and Severability §§ 4800–4803 · 4 sections
- § 4800 This division shall be known and may be cited as the “Depository Corporation Sale, Merger, and Conversion Law.”
- § 4801 In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes the statute or regulation, as amended, whether…
- § 4802 If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity,…
- § 4803 If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be enforced.
ARTICLE 2. Definitions §§ 4805.01–4805.18 · 18 sections
- § 4805.01 Subject to additional definitions contained in this division that are applicable to specific provisions of this division and unless the context otherwise…
- § 4805.02 (a) In this division, “bank” means a commercial bank or trust company (other than an industrial loan company authorized to engage in trust business). “Bank”…
- § 4805.03 “California” means: (a) When used with respect to a savings association, in the case of a state savings association, a savings association that is organized…
- § 4805.04 “California federally licensed foreign (other nation) bank,” when used with respect to a sale or merger, means a foreign (other nation) bank that is authorized…
- § 4805.05 “California state-licensed foreign (other nation) bank,” when used with respect to a sale or merger, means a foreign (other nation) bank that is licensed under…
- § 4805.055 “Commissioner” means the Commissioner of Financial Protection and Innovation.
- § 4805.06 “Depository corporation” means a state or federal depository corporation.
- § 4805.07 “Federal depository corporation” means a national banking association or a federal savings association.
- § 4805.08 “Federal savings association” means a savings association or savings bank organized pursuant to Section 5 of the Home Owners’ Loan Act (12 U.S.C. Sec. 1464).
- § 4805.09 “Foreign” or “foreign (other state)” means: (a) When used with respect to a savings association, in the case of a state savings association, a savings…
- § 4805.10 In this division, “industrial loan company” means an industrial bank as defined in Section 111.
- § 4805.11 “Insured,” when used with respect to a depository corporation, means a depository corporation the deposits of which are insured by the Federal Deposit…
- § 4805.12 “Law of the domicile” means: (a) When used with respect to a federal depository corporation, the law of the United States. (b) When used with respect to a…
- § 4805.13 “Merger,” when used with respect to a merger in a case where the surviving corporation is a federal depository corporation and federal law authorizes a…
- § 4805.15 “Share” means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a share of guarantee stock.…
- § 4805.16 “Shareholder” means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a holder of record of a…
- § 4805.17 “State depository corporation” means a state bank, a state savings association, or an industrial loan company.
- § 4805.18 “Uninsured,” when used with respect to a deposit, means a deposit or any part of a deposit that is not insured by the Federal Deposit Insurance Corporation…
ARTICLE 3. Other General Provisions §§ 4820–4828.7 · 16 sections
- § 4820 For purposes of this division, a national banking association or federal savings association is deemed to be a corporation.
- § 4820.5 For purposes of this division, depository corporations are divided into the following classes: (a) Banks. (b) Savings associations. (c) Industrial loan…
- § 4821 The provisions of the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code) shall apply to any transaction…
- § 4821.5 Any certificate of authority, license, or other authorization issued under subdivision (b) of Section 4858, subdivision (b) of Section 4879.12, subdivision (b)…
- § 4822 (a) References in this division to the voting of the shares of a California state depository corporation shall be construed in accordance with Section 111 of…
- § 4823 References in this division to shareholders’ equity mean shareholders’ equity determined in accordance with generally accepted accounting principles, subject…
- § 4824 In determining for purposes of this division whether the shareholders’ equity of a California state depository corporation will be adequate: (a) In case the…
- § 4825 A California state depository corporation may merge with a corporation or other business entity that is not a depository corporation if the California state…
- § 4826 Notwithstanding any other provision of law, no savings association or industrial loan company may convert into a bank if the ownership of the savings…
- § 4826.5 Notwithstanding any other provision of this division: (a) The provisions of Chapter 19 (commencing with Section 1670) of Division 1.1 apply to any transaction…
- § 4827 Except as expressly provided otherwise in this division: (a) (1) No sale of a whole business unit (as defined in Section 4840) or merger in which the selling…
- § 4827.3 Except as otherwise provided in paragraph (2) of subdivision (a) of Section 4827.7 in the case of a California state-licensed foreign (other nation) bank or in…
- § 4827.7 (a) (1) Except as otherwise provided in paragraph (2): (A) No California state depository corporation may, as the selling or disappearing depository…
- § 4828 Subject to the provisions of Sections 4827.3 and 4827.7 but notwithstanding any other provision of law: (a) (1) If, as a result of any sale, merger, or…
- § 4828.3 A California state bank or an industrial loan company may, with the approval of the commissioner and its board and, if the transaction constitutes a…
- § 4828.7 (a) The definitions in Section 4840 apply to this section. (b) In case a California state-licensed foreign (other nation) bank sells all or substantially all…
CHAPTER 2. Administration §§ 4830–4839 · 10 sections
- § 4830 Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with law.
- § 4831 (a) The commissioner may from time to time issue regulations and orders as may in his or her opinion be necessary to carry out the provisions and purposes of…
- § 4832 Whenever the commissioner issues an order or license under this division, he or she may impose conditions as may in his or her opinion be necessary to carry…
- § 4833 In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant. (b) The burden of proving an…
- § 4834 The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any regulation or…
- § 4835 Each application and report filed with the commissioner under this division or under any regulation or order issued under this division shall be in the form,…
- § 4836 No person shall make any untrue statement of any material fact in any application or report filed with the commissioner under this division or under any…
- § 4837 In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may…
- § 4838 If the commissioner finds, with respect to any application filed under this division or under any regulation or order issued under this division, that not all…
- § 4839 Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for approval of a sale under this division shall…
CHAPTER 3. Sale §§ 4840–4879.17 · 69 sections
ARTICLE 1. General Provisions §§ 4840–4843 · 4 sections
- § 4840 In this chapter, unless the context otherwise requires: (a) “Branch business unit” means all or substantially all of the business of a branch office of a…
- § 4841 The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is subject to this chapter.
- § 4842 If a trust is transferred under this chapter, the transfer shall be good cause for removal of the trustee under the Trust Law (Division 9 (commencing with…
- § 4843 In case a national banking association or federal savings association that is authorized to transact trust business in this state sells a partial business unit…
ARTICLE 2. Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank §§ 4845–4862 · 17 sections
- § 4845 In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4846.
- § 4846 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…
- § 4847 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…
- § 4848 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 the sale…
- § 4849 (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…
- § 4850 In the case of a seller or purchaser which is a California state depository corporation, any approval of the outstanding shares of the corporation required by…
- § 4851 In obtaining any approval of outstanding shares required for an agreement of sale, in case the purchaser is a California state depository corporation, the…
- § 4852 A purchaser or seller that is a California state depository corporation, with the approval of its board and without further approval of the outstanding shares,…
- § 4853 In case a purchaser is a California state depository corporation, the provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the…
- § 4854 A purchaser shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers’ certificate of the purchaser, certifying that…
- § 4855 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…
- § 4857 After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the…
- § 4858 When a sale becomes effective: (a) Unless the purchaser provided otherwise in the application for approval of the sale or unless the commissioner provided…
- § 4859 When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all the rights and property of the seller except any rights and…
- § 4860 No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time when the…
- § 4861 Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses…
- § 4862 (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold…
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 · 7 sections
- § 4870 In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4871.
- § 4871 (a) A California state bank may sell its whole business unit to a national banking association, a California federally licensed foreign (other nation) bank, or…
- § 4871.5 (a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19 (commencing with Section 1670) of Division 1.1, prohibits…
- § 4872 A sale is subject to the provisions of Sections 4847 to 4850, inclusive, and 4852 as if the sale were a sale of the type defined in Section 4845.
- § 4873 A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in Section 4845.
- § 4874 Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses…
- § 4875 (a) After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stating that the seller sold its whole business unit to the…
ARTICLE 3.5. Sale of Whole Business Unit of California State Independent Trust Company to Uninsured Foreign (Other State) State Depository Corporation §§ 4876.01–4876.09 · 9 sections
- § 4876.01 In this article, unless the context otherwise requires, “sale” means any sale described in Section 4876.02.
- § 4876.02 With the approval of the commissioner, a California state independent trust company may sell its whole business unit to an uninsured foreign (other state)…
- § 4876.03 A sale is subject to the provisions of Sections 4847 to 4852 as if the sale were a sale of the type defined in Section 4845.
- § 4876.04 A seller shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers’ certificate of the purchaser, certifying that…
- § 4876.05 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…
- § 4876.06 After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the…
- § 4876.07 A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in Section 4845.
- § 4876.08 Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority issued to it by…
- § 4876.09 (a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stating that the seller sold its whole business unit to the…
ARTICLE 4. Certain Sales of Partial Business Units §§ 4877.01–4877.07 · 7 sections
- § 4877.01 In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4877.02.
- § 4877.02 A California state bank or a California industrial loan company may sell a California branch business unit to an insured foreign (other state) bank or an…
- § 4877.03 No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19 (commencing with Section 1670) of Division 1.1, prohibits or…
- § 4877.04 A sale is subject to the provisions of Sections 4879.03 to 4879.06, inclusive, and Section 4879.08 as if the sale were a sale of the type defined in Section…
- § 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.
- § 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…
- § 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…
ARTICLE 4.5. Sale of Partial Trust Business Unit by California State Bank or Savings Association to Uninsured Foreign (Other State) State Depository Corporation §§ 4878.01–4878.08 · 8 sections
- § 4878.01 In this article, unless the context otherwise requires, “sale” means any sale described in Section 4878.02.
- § 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…
- § 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.
- § 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…
- § 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…
- § 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.
- § 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,…
- § 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…
ARTICLE 5. Other Sales of Partial Business Units §§ 4879.01–4879.17 · 17 sections
- § 4879.01 In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4879.02.
- § 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…
- § 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…
- § 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…
- § 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…
- § 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…
- § 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,…
- § 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,…
- § 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…
- § 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…
- § 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…
- § 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)…
- § 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…
- § 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…
- § 4879.15 No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time when the…
- § 4879.16 Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancellation the certificates of authority or licenses issued to…
- § 4879.17 (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold…
CHAPTER 4. Merger §§ 4880–4908.10 · 34 sections
ARTICLE 1. Merger Into California State Depository Corporation §§ 4880–4891 · 11 sections
- § 4880 In this article, unless the context otherwise requires: (a) “Agreement of merger” includes a certificate of ownership executed pursuant to Section 1110 of the…
- § 4881 (a) With the approval of the commissioner, a bank may merge into a California state bank pursuant to (1) this article, (2) in case the disappearing bank is a…
- § 4882 In obtaining any approval of outstanding shares required for a merger, the surviving depository corporation and, in case the surviving depository corporation…
- § 4883 The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall not apply to the shareholders of the…
- § 4884 A surviving depository corporation shall file with the commissioner an application for approval of the merger.
- § 4885 If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a)…
- § 4887 (a) After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall…
- § 4888 When a merger becomes effective: (a) Unless the surviving depository corporation provided otherwise in the application for approval of the merger or unless the…
- § 4889 (a) When a merger becomes effective: (1) Any reference to the disappearing depository corporation in any writing, whether executed or taking effect before or…
- § 4890 Promptly after a merger becomes effective: (a) The surviving depository corporation shall: (1) Surrender to the regulator of the disappearing depository…
- § 4891 (a) After a merger becomes effective, the commissioner shall, upon application, issue a certificate under his or her official seal, stating that the…
ARTICLE 2. Merger Into California State-Licensed Foreign (Other Nation) Bank §§ 4895.01–4895.06 · 6 sections
- § 4895.01 In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4895.02.
- § 4895.02 With the approval of the commissioner: (a) A California depository corporation may merge into a California state-licensed foreign (other nation) bank pursuant…
- § 4895.03 In case the disappearing depository corporation is a California state depository corporation, a merger is subject to the provisions of Section 1108 of the…
- § 4895.04 (a) In case the disappearing depository corporation is a California state depository corporation, a merger has the same effect as provided in Section 1107 of…
- § 4895.05 (a) A merger shall not become effective unless it has been approved by the commissioner. (b) After an application for approval of a merger has been approved…
- § 4895.06 A merger is subject to the provisions of Sections 4884 to 4885, inclusive, and 4888 to 4891, inclusive, as if the merger were a merger of the type defined in…
ARTICLE 3. Merger Into Federal Depository Corporation, California Federally Licensed Foreign (Other Nation) Bank, or Insured Foreign (Other State) State Depository Corporation §§ 4900–4905 · 7 sections
- § 4900 In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4901.
- § 4901 (a) A California state bank may merge into a national banking association, a California federally licensed foreign (other nation) bank, or an insured foreign…
- § 4901.5 (a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19 (commencing with Section 1670) of Division 1.1, prohibits…
- § 4902 A merger is subject to the provisions of Section 1108 of the Corporations Code.
- § 4903 A merger shall have the same effect as provided in Section 1107 of the Corporations Code and as provided in Section 4889 in the case of a merger of the type…
- § 4904 Promptly after a merger becomes effective, the surviving depository corporation shall: (1) Surrender to the commissioner for cancellation the certificates of…
- § 4905 (a) After a merger becomes effective, the surviving depository corporation may issue an officer’s certificate, stating that the disappearing depository…
ARTICLE 4. Merger of California State Independent Trust Company into Uninsured Foreign (Other State) Depository Corporation §§ 4908.01–4908.10 · 10 sections
- § 4908.01 In this article, unless the context otherwise requires, “merger” means any of the mergers described in Section 4908.02.
- § 4908.02 With the approval of the commissioner, a California state independent trust company may merge into an uninsured foreign (other state) state depository…
- § 4908.03 A merger is subject to the provisions of Section 1108 of the Corporations Code.
- § 4908.04 A disappearing or surviving depository corporation shall file an application for approval of a merger with the commissioner.
- § 4908.05 A merger shall not become effective unless it has been approved by the commissioner.
- § 4908.06 If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a)…
- § 4908.07 After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall approve…
- § 4908.08 A merger shall have the same effect as provided in Section 1107 of the Corporations Code and Section 4889 in the case of a merger of the type defined in…
- § 4908.09 Promptly after a merger becomes effective, the surviving depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of…
- § 4908.10 (a) After a merger becomes effective, the surviving depository corporation may issue an officers’ certificate, stating that the disappearing depository…
CHAPTER 5. Conversion §§ 4920–4966 · 30 sections
ARTICLE 1. Conversion of California State Depository Corporation Into California State Depository Corporation §§ 4920–4930 · 10 sections
- § 4920 In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4921.
- § 4921 With the approval of the commissioner, a California state depository corporation of any class may convert into a California state depository corporation of…
- § 4922 (a) A converting depository corporation shall adopt, and shall file with the commissioner an application for approval of, such amendments to its articles as…
- § 4923 In obtaining the approval of outstanding shares or shareholders required for any amendment to articles or bylaws called for in Section 4922, a converting…
- § 4924 A converting depository corporation shall file with the commissioner an application for approval of the conversion.
- § 4925 If the commissioner finds all of the following with respect to an application for approval of a conversion, the commissioner shall approve the application: (a)…
- § 4927 After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall…
- § 4928 When a conversion becomes effective, the commissioner shall: (a) (1) In case the resulting depository corporation is a California state bank, issue to the…
- § 4929 Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates…
- § 4930 (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the…
ARTICLE 2. Conversion of Federal Depository Corporation Into California State Depository Corporation §§ 4940–4952 · 12 sections
- § 4940 In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4941.
- § 4941 With the approval of the commissioner: (a) A national banking association may convert into a California state bank pursuant to this article and federal law.…
- § 4942 A converting depository corporation shall adopt a plan of conversion pursuant to the provisions of federal law.
- § 4943 In obtaining any approval of outstanding shares required for a plan of conversion, a converting depository corporation shall provide to its shareholders…
- § 4944 A converting depository corporation shall file the following with the commissioner: (a) The plan of conversion. (b) An officer’s certificate certifying that…
- § 4945 If the commissioner finds all of the factors set forth in Section 4925 with respect to an application for approval of a conversion, the commissioner shall…
- § 4946 After an application for approval of a conversion has been approved by the commissioner but before the conversion becomes effective, the converting depository…
- § 4948 (a) After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner…
- § 4949 When a conversion becomes effective, the commissioner shall issue to the resulting depository corporation certificates of authority, licenses, or other…
- § 4950 When a conversion becomes effective: (a) The converting depository corporation shall cease to exist. (b) The resulting depository corporation shall succeed,…
- § 4951 Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the regulator of the converting depository…
- § 4952 (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the…
ARTICLE 3. Conversion of California State Depository Corporation Into Federal Depository Corporation §§ 4960–4966 · 8 sections
- § 4960 In this article, unless the context otherwise requires, “conversion” means any of the conversions described in Section 4961.
- § 4961 (a) A California state bank may convert into a national banking association pursuant to this article and federal law. (b) A California state depository…
- § 4961.5 (a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19 (commencing with Section 1670) of Division 1.1, prohibits…
- § 4962 (a) A converting depository corporation shall make a plan of conversion, stating: (1) That the converting depository corporation shall be converted into the…
- § 4963 A conversion shall have the same effect as provided in Section 4950 in the case of a conversion of the type defined in Section 4940.
- § 4964 Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates…
- § 4965 (a) After a conversion becomes effective, the resulting depository corporation may issue an officers’ certificate, stating that the converting depository…
- § 4966 (a) Within 60 days after a conversion, the resulting depository corporation shall file with the Secretary of State an officers’ certificate reciting the name…