California Financial Code 4846 – With the approval of the commissioner:(a) A bank may sell its …
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 nation) bank pursuant to (1) this article, (2) in case the seller is a national banking association or a California federally licensed foreign (other nation) bank, federal law, and (3) in case the seller or purchaser is a foreign bank, the law of the foreign bank’s domicile.
Terms Used In California Financial Code 4846
- 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.
- Purchaser: means a depository corporation that purchases a business unit from another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
- Seller: means a depository corporation that sells a business unit to another depository corporation pursuant to the provisions of this chapter. See 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) An industrial loan company may sell its whole business unit to a California industrial loan company pursuant to (1) this article and (2) in case the seller is a foreign (other state) industrial loan company, the law of the foreign industrial loan company’s domicile.
(c) A depository corporation of any class may sell its whole business unit to a California state depository corporation of another class or a California state-licensed foreign (other nation) bank pursuant to (1) this article, (2) in case the seller is a federal depository corporation or a California federally licensed foreign (other nation) bank, federal law, (3) in case the seller is a foreign depository corporation, the law of the foreign depository corporation’s domicile, and (4) in case the purchaser is a California state-licensed foreign (other nation) bank, the law of the foreign bank’s domicile.
(Amended by Stats. 1996, Ch. 1064, Sec. 488. Effective January 1, 1997. Operative July 1, 1997.)