California Financial Code 4878.05 – After an application for approval of a sale has been approved by the …
Current as of: 2024 | Check for updates
|
Other versions
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 commissioner shall approve the agreement of sale and endorse the approval on the original or a copy of the agreement of sale. The sale shall become effective for all purposes at that time, except that, if the law of the purchaser‘s domicile provides for the sale to become effective at a later time, it shall become effective at the later time.
(Amended by Stats. 1996, Ch. 1064, Sec. 499.5. Effective January 1, 1997. Operative July 1, 1997.)
Terms Used In California Financial Code 4878.05
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- 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
- sale: means any sale described in Section 4878. See California Financial Code 4878.01