A purchaser or seller that is a California state depository corporation, with the approval or its board and without further approval of the outstanding shares, may, and any other purchaser or seller, with approval as may be required under the law of its domicile, may, in its discretion, abandon the sale at any time before the sale becomes effective, subject to the contractual rights, if any, of other parties, including the seller or purchaser, as the case may be.

(Added by Stats. 1995, Ch. 480, Sec. 155. Effective October 2, 1995.)

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Terms Used In California Financial Code 4879.08

  • 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
  • sale: means any of the sales described in Section 4879. See California Financial Code 4879.01
  • 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
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