State Codes and Statutes

Statutes > California > Fin > 4870-4875

FINANCIAL CODE
SECTION 4870-4875



4870.  In this article, unless the context otherwise requires, "sale"
means any of the sales described in Section 4871.



4871.  (a) A California state bank may sell its whole business unit
to a national banking association, a California federally licensed
foreign (other nation) bank, or an insured foreign (other state)
state bank pursuant to (1) this article, (2) in case the purchaser is
a national banking association or a California federally licensed
foreign (other nation) bank, federal law, and (3) in case the
purchaser is a California federally licensed foreign (other nation)
bank or an insured foreign (other state) state bank, the law of the
foreign bank's domicile.
   (b) A California industrial loan company may sell its whole
business unit to an insured foreign (other state) industrial loan
company pursuant to (1) this article and (2) the law of the foreign
industrial loan company's domicile.
   (c) A California state depository corporation of any class may
sell its whole business unit to a federal depository corporation of
another class, a California federally licensed foreign (other nation)
bank, or an insured foreign (other state) state depository
corporation of another class pursuant to (1) this article, (2) in
case the purchaser is a federal depository corporation or a
California federally licensed foreign (other nation) bank, federal
law, and (3) in case the purchaser is a California federally licensed
foreign (other nation) bank or an insured foreign (other state)
state depository corporation, the law of the domicile of the foreign
bank or foreign depository corporation.



4871.5.  (a) No provision of Division 1 (commencing with Section
99), except the provisions of Chapter 22 (commencing with Section
3800) of Division 1, prohibits or restricts a sale in a case where
the seller is a California state bank or a California industrial loan
company.
   (b) No provision of Division 2 (commencing with Section 5000)
prohibits or restricts a sale in a case where the seller is a
California state savings and loan association.



4872.  A sale is subject to the provisions of Sections 4847 to 4850,
inclusive, and 4852 as if the sale were a sale of the type defined
in Section 4845.


4873.  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
4845.


4874.  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 with the commissioner any report of the sale that the
commissioner may require.
   (b) The seller shall wind up and dissolve. However, if the seller
is a California state bank, the seller may, in the alternative and
with the approval of the commissioner, change into a nonbank
corporation by amending its articles and changing its name.



4875.  (a) After a sale becomes effective, the seller or purchaser
may issue an officer's certificate stating that the seller sold its
whole business unit to the purchaser and specifying the time at which
the sale became effective.
   (b) Any certificate issued pursuant to subdivision (a) shall be
prima facie evidence of the fact of the sale and of the regularity of
the proceedings taken for the sale and shall be conclusive evidence
of the matters in favor of any innocent purchaser or encumbrancer for
value.

State Codes and Statutes

Statutes > California > Fin > 4870-4875

FINANCIAL CODE
SECTION 4870-4875



4870.  In this article, unless the context otherwise requires, "sale"
means any of the sales described in Section 4871.



4871.  (a) A California state bank may sell its whole business unit
to a national banking association, a California federally licensed
foreign (other nation) bank, or an insured foreign (other state)
state bank pursuant to (1) this article, (2) in case the purchaser is
a national banking association or a California federally licensed
foreign (other nation) bank, federal law, and (3) in case the
purchaser is a California federally licensed foreign (other nation)
bank or an insured foreign (other state) state bank, the law of the
foreign bank's domicile.
   (b) A California industrial loan company may sell its whole
business unit to an insured foreign (other state) industrial loan
company pursuant to (1) this article and (2) the law of the foreign
industrial loan company's domicile.
   (c) A California state depository corporation of any class may
sell its whole business unit to a federal depository corporation of
another class, a California federally licensed foreign (other nation)
bank, or an insured foreign (other state) state depository
corporation of another class pursuant to (1) this article, (2) in
case the purchaser is a federal depository corporation or a
California federally licensed foreign (other nation) bank, federal
law, and (3) in case the purchaser is a California federally licensed
foreign (other nation) bank or an insured foreign (other state)
state depository corporation, the law of the domicile of the foreign
bank or foreign depository corporation.



4871.5.  (a) No provision of Division 1 (commencing with Section
99), except the provisions of Chapter 22 (commencing with Section
3800) of Division 1, prohibits or restricts a sale in a case where
the seller is a California state bank or a California industrial loan
company.
   (b) No provision of Division 2 (commencing with Section 5000)
prohibits or restricts a sale in a case where the seller is a
California state savings and loan association.



4872.  A sale is subject to the provisions of Sections 4847 to 4850,
inclusive, and 4852 as if the sale were a sale of the type defined
in Section 4845.


4873.  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
4845.


4874.  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 with the commissioner any report of the sale that the
commissioner may require.
   (b) The seller shall wind up and dissolve. However, if the seller
is a California state bank, the seller may, in the alternative and
with the approval of the commissioner, change into a nonbank
corporation by amending its articles and changing its name.



4875.  (a) After a sale becomes effective, the seller or purchaser
may issue an officer's certificate stating that the seller sold its
whole business unit to the purchaser and specifying the time at which
the sale became effective.
   (b) Any certificate issued pursuant to subdivision (a) shall be
prima facie evidence of the fact of the sale and of the regularity of
the proceedings taken for the sale and shall be conclusive evidence
of the matters in favor of any innocent purchaser or encumbrancer for
value.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 4870-4875

FINANCIAL CODE
SECTION 4870-4875



4870.  In this article, unless the context otherwise requires, "sale"
means any of the sales described in Section 4871.



4871.  (a) A California state bank may sell its whole business unit
to a national banking association, a California federally licensed
foreign (other nation) bank, or an insured foreign (other state)
state bank pursuant to (1) this article, (2) in case the purchaser is
a national banking association or a California federally licensed
foreign (other nation) bank, federal law, and (3) in case the
purchaser is a California federally licensed foreign (other nation)
bank or an insured foreign (other state) state bank, the law of the
foreign bank's domicile.
   (b) A California industrial loan company may sell its whole
business unit to an insured foreign (other state) industrial loan
company pursuant to (1) this article and (2) the law of the foreign
industrial loan company's domicile.
   (c) A California state depository corporation of any class may
sell its whole business unit to a federal depository corporation of
another class, a California federally licensed foreign (other nation)
bank, or an insured foreign (other state) state depository
corporation of another class pursuant to (1) this article, (2) in
case the purchaser is a federal depository corporation or a
California federally licensed foreign (other nation) bank, federal
law, and (3) in case the purchaser is a California federally licensed
foreign (other nation) bank or an insured foreign (other state)
state depository corporation, the law of the domicile of the foreign
bank or foreign depository corporation.



4871.5.  (a) No provision of Division 1 (commencing with Section
99), except the provisions of Chapter 22 (commencing with Section
3800) of Division 1, prohibits or restricts a sale in a case where
the seller is a California state bank or a California industrial loan
company.
   (b) No provision of Division 2 (commencing with Section 5000)
prohibits or restricts a sale in a case where the seller is a
California state savings and loan association.



4872.  A sale is subject to the provisions of Sections 4847 to 4850,
inclusive, and 4852 as if the sale were a sale of the type defined
in Section 4845.


4873.  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
4845.


4874.  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 with the commissioner any report of the sale that the
commissioner may require.
   (b) The seller shall wind up and dissolve. However, if the seller
is a California state bank, the seller may, in the alternative and
with the approval of the commissioner, change into a nonbank
corporation by amending its articles and changing its name.



4875.  (a) After a sale becomes effective, the seller or purchaser
may issue an officer's certificate stating that the seller sold its
whole business unit to the purchaser and specifying the time at which
the sale became effective.
   (b) Any certificate issued pursuant to subdivision (a) shall be
prima facie evidence of the fact of the sale and of the regularity of
the proceedings taken for the sale and shall be conclusive evidence
of the matters in favor of any innocent purchaser or encumbrancer for
value.

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