ARTICLE 3.5. Sale of Whole Business Unit of California State Independent Trust Company to Uninsured Foreign (Other State) State Depository Corporation

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…