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.]
Article 4.5 added by Stats. 1996, Ch. 887, Sec. 35.
§§ 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…