California Financial Code 4879.16 – Promptly after a sale becomes effective, the seller …
Current as of: 2024 | Check for updates
|
Other versions
Promptly after a sale becomes effective, the seller shall:
(a) Surrender to its regulator for cancellation the certificates of authority or licenses issued to it by the regulator that relate to the partial business unit sold.
Terms Used In California Financial Code 4879.16
- Business unit: means a branch business unit, a partial business unit, or a whole business unit. 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
(b) File with its regulator any report regarding the sale that the regulator may require.
(Added by Stats. 1995, Ch. 480, Sec. 155. Effective October 2, 1995.)