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.]
Article 3.5 added by Stats. 1996, Ch. 887, Sec. 32.
§§ 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…