California Financial Code ARTICLE 3.5 - Sale of Whole Business Unit of California State Independent Trust Company to Uninsured Foreign (Other State) State Depository Corporation

Section 4876.01.
In this article, unless the context otherwise requires, “sale” means any sale described in Section 4876.02.(Added by Stats. 1996, Ch. 887, Sec. 32. Effective September...
Section 4876.02.
With the approval of the commissioner, a California state independent trust company may sell its whole business unit to an uninsured foreign (other state) state...
Section 4876.03.
A sale is subject to the provisions of Sections 4847 to 4852 as if the sale were a sale of the type defined in Section...
Section 4876.04.
A seller 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 4876.05.
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 4876.06.
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 4876.07.
A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in...
Section 4876.08.
Promptly after a sale becomes effective:(a) The seller shall:(1) Surrender to the commissioner for cancellation the certificates of authority issued to it by the commissioner.(2) File with the...
Section 4876.09.
(a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stating that the seller sold its whole business unit to the...

Last modified: October 22, 2018