California Financial Code ARTICLE 2 - Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank

• Section 4845.
  In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4846.(Amended by Stats. 1996, Ch. 1064, Sec. 487....
• Section 4846.
  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)...
• Section 4847.
  A seller and purchaser shall make an agreement of sale, providing:(a) That the seller shall sell to the purchaser, and the purchaser shall purchase from the...
• Section 4848.
  The agreement of sale shall be approved by the seller and purchaser, as follows:(a) In the case of a California state depository corporation:(1) If the sale constitutes...
• Section 4849.
  (a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows:(1) In the case of a California state depository corporation,...
• Section 4850.
  In the case of a seller or purchaser which is a California state depository corporation, any approval of the outstanding shares of the corporation required...
• Section 4851.
  In obtaining any approval of outstanding shares required for an agreement of sale, in case the purchaser is a California state depository corporation, the purchaser,...
• Section 4852.
  A purchaser or seller that is a California state depository corporation, with the approval of its board and without further approval of the outstanding shares,...
• Section 4853.
  In case a purchaser is a California state depository corporation, the provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1...
• Section 4854.
  A purchaser shall file the following with the commissioner:(a) A copy of the agreement of sale.(b) An officers’ certificate of the purchaser, certifying that the agreement of...
• Section 4855.
  If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application:(a) That the...
• Section 4857.
  After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall approve...
• Section 4858.
  When a sale becomes effective:(a) Unless the purchaser provided otherwise in the application for approval of the sale or unless the commissioner provided otherwise in the...
• Section 4859.
  When a sale becomes effective:(a) The purchaser shall succeed, without other transfer, to all the rights and property of the seller except any rights and property...
• Section 4860.
  No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one...
• Section 4861.
  Promptly after a sale becomes effective:(a) The seller shall:(1) Surrender to the commissioner for cancellation the certificates of authority or licenses issued to it by the commissioner.(2) File...
• Section 4862.
  (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold its...

Last modified: October 22, 2018