California Financial Code 4877.06 – Promptly after a sale becomes effective, the seller …
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Promptly after a sale becomes effective, the seller shall:
(a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to the California branch business unit sold.
Terms Used In California Financial Code 4877.06
- Branch business unit: means all or substantially all of the business of a branch office of a depository corporation. See California Financial Code 4840
- sale: means any of the sales described in Section 4877. See California Financial Code 4877.01
- 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
(b) File with the commissioner any report of the sale that the commissioner may require.
(Amended by Stats. 1996, Ch. 1064, Sec. 499. Effective January 1, 1997. Operative July 1, 1997.)