California Financial Code 4840 – In this chapter, unless the context otherwise …
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 depository corporation.
Terms Used In California Financial Code 4840
- Branch business unit: means all or substantially all of the business of a branch office of a depository corporation. See California Financial Code 4840
- Business unit: means a branch business unit, a partial business unit, or a whole business unit. See California Financial Code 4840
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Independent trust company: means a trust company that is neither a commercial bank nor a title insurance company. See California Financial Code 4840
- Partial business unit: means all or substantially all of any of the following:
California Financial Code 4840
- Whole business unit: means all or substantially all of the business of a depository corporation. See California Financial Code 4840
(b) “Business unit” means a branch business unit, a partial business unit, or a whole business unit.
(c) “Independent trust company” means a trust company that is neither a commercial bank nor a title insurance company.
(d) “Fiduciary asset,” when used with respect to a depository corporation that transacts trust business, means any asset that the depository corporation holds in its capacity as fiduciary.
(e) “Partial business unit” means all or substantially all of any of the following:
(1) The business of any office, other than the head office, of a depository corporation.
(2) In the case of a depository corporation that transacts trust business:
(A) The trust business of the depository corporation, unless the depository corporation transacts only trust business.
(B) The trust business of any office of the depository corporation.
(C) The business, other than trust business, of the depository corporation.
(D) The business, other than trust business, of any office of the depository corporation.
In addition, “partial business unit” means any deposit, any fiduciary account, or any portion of the business of a depository corporation that includes a deposit or fiduciary account and that is less than substantially all of the business of the depository corporation.
(f) “Partial trust business unit” means:
(1) In the case of a California state depository corporation that is an independent trust company:
(A) All or substantially all of the business of any office, other than the head office, of the depository corporation.
(B) Any partial business unit consisting of one or more fiduciary accounts and no deposits.
(2) In the case of a California state depository corporation that is a commercial bank or savings association:
(A) All or substantially all of the trust business of the depository corporation.
(B) All or substantially all of the trust business of any office, other than the head office, of the depository corporation.
(C) Any partial business unit consisting of one or more fiduciary accounts and no deposits.
(g) “Purchaser” means a depository corporation that purchases a business unit from another depository corporation pursuant to the provisions of this chapter.
(h) “Seller” means a depository corporation that sells a business unit to another depository corporation pursuant to the provisions of this chapter.
(i) “Whole business unit” means all or substantially all of the business of a depository corporation.
(Amended by Stats. 1996, Ch. 887, Sec. 25. Effective September 25, 1996.)