California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 3601 — (a) Except as provided in Section 3603, a covered person shall not exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, whether directly or throu
• § 3603 — (a) Notwithstanding subdivision (a) of Section 3601, a covered person may exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, whether dire
• § 3605 — The requirements imposed by this chapter shall be operative on July 1, 2026.
• § 370 — The commissioner may have an office in the City of Sacramento, the City of Los Angeles, the City of San Diego, the City and County of San Francisco, or any other location in the state that he or she c
• § 3701 — (a) An applicant, before submitting an application, shall create and, during licensure, maintain in a record policies and procedures for all of the following: (1) An information security program and a
• § 3702 — (a) An applicant, before submitting its application, shall establish and maintain in a record a policy or procedure designed to ensure compliance with this division, and law of this state other than t
• § 372 — The department may expend moneys in accordance with law for the necessary travel expenses of officers and employees of the department while traveling in the line of their duties either within or witho
• § 373 — The commissioner shall adopt and keep an official seal.
• § 374 — (a) Whenever it is necessary for the commissioner to approve any instrument and to affix his or her official seal thereto, the commissioner shall charge a fee of twenty-five dollars ($25) therefor.
• § 375 — Official reports made by the commissioner and verified reports of an examination made by the commissioner, exclusively or in conjunction with or with assistance from any agency of the United States, o
• § 376 — At least once each month, the commissioner shall issue and disseminate as the commissioner deems appropriate a bulletin containing the following information: (a) Information regarding any of the follo
• § 377 — Notwithstanding any other provision of this code, whenever any provision of the Financial Institutions Law requires the pledge of securities to be deposited with the Treasurer, to ensure the performan
• § 378 — Whenever the commissioner is notified of or discovers a violation of the state law punishable by criminal penalties, he or she shall promptly advise the Attorney General.
• § 379 — (a) For the purposes of this section the following definitions shall apply: (1) “Control” has the meaning set forth in subdivision (b) of Section 1250.
• § 380 — (a) The commissioner shall inform appropriate state and federal officials charged with the regulation of financial institutions or securities transactions of any enforcement actions, including, but no
• § 3801 — The provisions of this division are severable.
• § 381 — Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code does not apply to hearings conducted by the department.
• § 382 — (a) The department shall require fingerprint images from any department employee, prospective employee or applicant seeking employment within the department, contractor, subcontractor, or volunteer wh
• § 3901 — For purposes of this division: (a) “Charges” means either of the following: (1) Fees or expenses paid by the customer.
• § 3902 — An operator shall not accept or dispense more than one thousand dollars ($1,000) in a day from or to a customer via a digital financial asset transaction kiosk.
• § 3904 — On or after January 1, 2025, an operator shall not collect charges, whether direct or indirect, from a customer related to a single digital financial asset transaction that exceed the greater of the f
• § 3905 — (a) (1) On or after January 1, 2025, before a digital financial asset transaction, an operator shall provide a written disclosure in English and in the same language principally used by the operator t
• § 3906 — (a) An operator shall provide to the department a list of all locations of digital financial asset transaction kiosks that the operator owns, operates, or manages in this state.
• § 3907 — (a) On or after July 1, 2026, an operator shall comply with Section 3201 to the extent that the operator engages in digital financial asset business activity.
• § 4 — Unless the context otherwise requires the general provisions hereinafter set forth govern the construction of this code.
• § 400 — As of the operative date of this section, there is established a Financial Institutions Fund in the State Treasury.
• § 4000 — (a) For purposes of this division, the following terms have the following meanings: (1) “Charge cardholder” and “charge card issuer” have the meaning defined in Section 1748.
• § 4001 — (a) A supervised financial organization or charge card issuer may not charge more than any of the following amounts: (1) If set forth in the consumer credit or charge card agreement, one of the follow
• § 4002 — (a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.
• § 405 — (a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in an amount sufficient in the commissioner’s judgment to meet th
• § 4050 — This division shall be known and may be cited as the California Financial Information Privacy Act.
• § 40500 — It is the intent of the Legislature that a financial institution shall not transfer funds from a depositor’s account unless authorization has been granted by that depositor.
• § 40501 — In accordance with the implied contract existing between a financial institution and its depositor, no bank, savings association, credit union, or other financial institution operating in this state w
• § 4051 — (a) The Legislature intends for financial institutions to provide their consumers notice and meaningful choice about how consumers’ nonpublic personal information is shared or sold by their financial
• § 4051.5 — (a) The Legislature finds and declares all of the following: (1) The California Constitution protects the privacy of California citizens from unwarranted intrusions into their private and personal liv
• § 4052 — For the purposes of this division: (a) “Nonpublic personal information” means personally identifiable financial information (1) provided by a consumer to a financial institution, (2) resulting from an
• § 4052.5 — Except as provided in Sections 4053, 4054.
• § 4053 — (a) (1) A financial institution shall not disclose to, or share a consumer’s nonpublic personal information with, any nonaffiliated third party as prohibited by Section 4052.
• § 4053.5 — Except as otherwise provided in this division, an entity that receives nonpublic personal information from a financial institution under this division shall not disclose this information to any other
• § 4054 — (a) Nothing in this division shall require a financial institution to provide a written notice to a consumer pursuant to Section 4053 if the financial institution does not disclose nonpublic personal
• § 4054.6 — (a) When a financial institution and an organization or business entity that is not a financial institution (“affinity partner”) have an agreement to issue a credit card in the name of the affinity pa
• § 4056 — (a) This division shall not apply to information that is not personally identifiable to a particular person.
• § 4056.5 — (a) The provisions of this division do not apply to any person or entity that meets the requirements of paragraph (1) or (2) below.
• § 4057 — (a) An entity that negligently discloses or shares nonpublic personal information in violation of this division shall be liable, irrespective of the amount of damages suffered by the consumer as a res
• § 4058 — Nothing in this division shall be construed as altering or annulling the authority of any department or agency of the state to regulate any financial institution subject to its jurisdiction.
• § 4058.5 — This division shall preempt and be exclusive of all local agency ordinances and regulations relating to the use and sharing of nonpublic personal information by financial institutions.
• § 4058.7 — Nothing in this division shall prevent an insurer, as defined in Section 23 of the Insurance Code, from combining the form required by subdivision (d) of Section 4053 with the form required pursuant t
• § 4059 — The provisions of this division shall be severable, and if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by federal law or regulation, the validity of the remain
• § 406 — The commissioner shall annually collect from national banking associations and foreign (other state) banks operating trust departments in this state an annual assessment to meet expenses of the depart
• § 4060 — This division shall become operative on July 1, 2004.
• § 407 — Whenever the commissioner makes an assessment pursuant to Section 405 or 406, the commissioner shall fix the date when the assessment is due and payable and shall mail or otherwise deliver to each ban
• § 408 — The commissioner, in addition to the annual assessment, shall collect from each bank authorized to engage in the trust business, to defray the cost of examination, a fee for the examination, as determ
• § 409 — If any bank or trust company fails to make timely payment of any assessment made pursuant to Section 405, 406, or 408, the commissioner may, in the commissioner’s sole discretion, (a) cancel the certi
• § 410 — As of the operative date of this section: (a) The State Banking Fund is converted into a separate account in the Financial Institutions Fund and designated as the State Banking Account.
• § 4100 — On or after July 1, 2006, a supervised financial institution shall not issue a consumer deposit account number to a customer, if that account number was previously held by another customer of the inst
• § 411 — Except as otherwise provided in Section 413 or 414, all salaries and other expenses of the department, other than those incurred in administering laws relating to savings associations or the savings a
• § 412 — The commissioner shall deliver all moneys received or collected by the commissioner under Section 405, 406, or 408 or otherwise, other than moneys received or collected by the commissioner under laws
• § 413 — (a) In this section, “assessment statute” means any statute that authorizes the commissioner to make or collect an assessment (other than a fine) on financial institutions, including the following: (1
• § 414 — Notwithstanding any other provision of this code or of Section 53667 of the Government Code, the commissioner may, at any time during a fiscal year, pay any expense of the department from any of the f
• § 450 — (a) In this section, “governmental agency” includes, without limitation, any agency of this state, of any other state of the United States, of the United States, or of any foreign nation.
• § 451 — With the prior approval of the commissioner, a foreign (other state) or foreign (other nation) financial institutions regulatory agency may examine a licensee and any of its offices, provided that the
• § 452 — (a) Directors, officers, employees, attorneys, accountants, or consultants of a licensee may not disclose in any manner to any person confidential information regarding the licensee received from the
• § 453 — Every licensee shall make and file with the commissioner whenever required by him or her a report in any form as the commissioner may prescribe and verified in any manner the commissioner prescribes,
• § 454 — The commissioner shall call for the report specified in Section 453 from all licensees at least four times each year upon dates selected by the commissioner.
• § 455 — The commissioner may at any time require any licensee to make and file with him or her a special report furnishing any information as the commissioner may specify when necessary to inform him or her f
• § 456 — Every licensee shall keep its corporate records, financial records, and books of account in words and figures of the English language and in form satisfactory to the commissioner.
• § 457 — Every licensee shall notify the commissioner of any change in the following officers of the licensee, to the extent that those officers exist within the licensee: chairperson, chief executive officer,
• § 458 — (a) Each report required under this article, or under any other provision of law administered by the commissioner, shall be filed with the commissioner at the time that the commissioner may require.
• § 459 — (a) Every licensee shall file with the commissioner one copy of all material filed by the licensee with a federal agency that is charged with the supervision and regulation of that licensee, or a law
• § 460 — Any person intentionally making a false statement in any report required to be rendered under this article or other provision of law administered by the commissioner is guilty of perjury.
• § 461 — Any debt due a licensee on which interest is past due and unpaid for the period of one year shall be charged off, unless the debt is well secured or is in process of collection.
• § 462 — Any person that provides services to any licensee, at the request of the commissioner, shall submit to an examination by the commissioner.
• § 463 — (a) All references in this code and the Corporations Code to financial statements, balance sheets, income statements, and statements of changes in financial position of a licensee, and all references
• § 464 — (a) An officer of a financial institution, within the meaning of Section 1101(1) of the federal Right to Financial Privacy Act of 1978 (12 U.
• § 4800 — This division shall be known and may be cited as the “Depository Corporation Sale, Merger, and Conversion Law.
• § 4801 — In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes the statute or regulation, as amended, whether before or after the effective date of thi
• § 4802 — If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affec
• § 4803 — If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be enforced.
• § 4805.01 — Subject to additional definitions contained in this division that are applicable to specific provisions of this division and unless the context otherwise requires: (a) The definitions in this article
• § 4805.02 — (a) In this division, “bank” means a commercial bank or trust company (other than an industrial loan company authorized to engage in trust business).
• § 4805.03 — “California” means: (a) When used with respect to a savings association, in the case of a state savings association, a savings association that is organized under the laws of this state and, in the ca
• § 4805.04 — “California federally licensed foreign (other nation) bank,” when used with respect to a sale or merger, means a foreign (other nation) bank that is authorized under federal law to maintain a federal
• § 4805.05 — “California state-licensed foreign (other nation) bank,” when used with respect to a sale or merger, means a foreign (other nation) bank that is licensed under Article 3 (commencing with Section 1800)
• § 4805.055 — “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 4805.06 — “Depository corporation” means a state or federal depository corporation.
• § 4805.07 — “Federal depository corporation” means a national banking association or a federal savings association.
• § 4805.08 — “Federal savings association” means a savings association or savings bank organized pursuant to Section 5 of the Home Owners’ Loan Act (12 U.
• § 4805.09 — “Foreign” or “foreign (other state)” means: (a) When used with respect to a savings association, in the case of a state savings association, a savings association that is organized under the laws of a
• § 4805.10 — In this division, “industrial loan company” means an industrial bank as defined in Section 111.
• § 4805.11 — “Insured,” when used with respect to a depository corporation, means a depository corporation the deposits of which are insured by the Federal Deposit Insurance Corporation under the Federal Deposit I
• § 4805.12 — “Law of the domicile” means: (a) When used with respect to a federal depository corporation, the law of the United States.
• § 4805.13 — “Merger,” when used with respect to a merger in a case where the surviving corporation is a federal depository corporation and federal law authorizes a consolidation, includes a consolidation in which
• § 4805.15 — “Share” means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a share of guarantee stock.
• § 4805.16 — “Shareholder” means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a holder of record of a share of guarantee stock.
• § 4805.17 — “State depository corporation” means a state bank, a state savings association, or an industrial loan company.
• § 4805.18 — “Uninsured,” when used with respect to a deposit, means a deposit or any part of a deposit that is not insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12
• § 4820 — For purposes of this division, a national banking association or federal savings association is deemed to be a corporation.
• § 4820.5 — For purposes of this division, depository corporations are divided into the following classes: (a) Banks.
• § 4821 — The provisions of the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code) shall apply to any transaction which is subject to this division.
• § 4821.5 — Any certificate of authority, license, or other authorization issued under subdivision (b) of Section 4858, subdivision (b) of Section 4879.
• § 4822 — (a) References in this division to the voting of the shares of a California state depository corporation shall be construed in accordance with Section 111 of the Corporations Code.
• § 4823 — References in this division to shareholders’ equity mean shareholders’ equity determined in accordance with generally accepted accounting principles, subject (a) in the case of California state banks
• § 4824 — In determining for purposes of this division whether the shareholders’ equity of a California state depository corporation will be adequate: (a) In case the corporation is, or is to convert into, a Ca
• § 4825 — A California state depository corporation may merge with a corporation or other business entity that is not a depository corporation if the California state depository corporation is the surviving cor
• § 4826 — Notwithstanding any other provision of law, no savings association or industrial loan company may convert into a bank if the ownership of the savings association or industrial loan company is such tha
• § 4826.5 — Notwithstanding any other provision of this division: (a) The provisions of Chapter 19 (commencing with Section 1670) of Division 1.
• § 4827 — Except as expressly provided otherwise in this division: (a) (1) No sale of a whole business unit (as defined in Section 4840) or merger in which the selling or disappearing depository corporation is
• § 4827.3 — Except as otherwise provided in paragraph (2) of subdivision (a) of Section 4827.
• § 4827.7 — (a) (1) Except as otherwise provided in paragraph (2): (A) No California state depository corporation may, as the selling or disappearing depository corporation, make a sale or merger pursuant to this
• § 4828 — Subject to the provisions of Sections 4827.
• § 4828.3 — A California state bank or an industrial loan company may, with the approval of the commissioner and its board and, if the transaction constitutes a reorganization as defined in Section 181 of the Cor
• § 4828.7 — (a) The definitions in Section 4840 apply to this section.
• § 4830 — Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with law.
• § 4831 — (a) The commissioner may from time to time issue regulations and orders as may in his or her opinion be necessary to carry out the provisions and purposes of this division.
• § 4832 — Whenever the commissioner issues an order or license under this division, he or she may impose conditions as may in his or her opinion be necessary to carry out the provisions and purposes of this div
• § 4833 — In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant.
• § 4834 — The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any regulation or order issued under this division.
• § 4835 — Each application and report filed with the commissioner under this division or under any regulation or order issued under this division shall be in the form, shall contain the information, shall be si
• § 4836 — No person shall make any untrue statement of any material fact in any application or report filed with the commissioner under this division or under any regulation or order issued under this division,
• § 4837 — In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may consider proposals made by the applicant;
• § 4838 — If the commissioner finds, with respect to any application filed under this division or under any regulation or order issued under this division, that not all the information which was required to be
• § 4839 — Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for approval of a sale under this division shall be two thousand five hundred dollars ($2,5
• § 4840 — In this chapter, unless the context otherwise requires: (a) “Branch business unit” means all or substantially all of the business of a branch office of a depository corporation.
• § 4841 — The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is subject to this chapter.
• § 4842 — If a trust is transferred under this chapter, the transfer shall be good cause for removal of the trustee under the Trust Law (Division 9 (commencing with Section 15000) of the Probate Code).
• § 4843 — In case a national banking association or federal savings association that is authorized to transact trust business in this state sells a partial business unit located in this state of the type descri
• § 4845 — In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4846.
• § 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) bank pursuant to (1) this article, (
• § 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 seller, the seller’s whole business unit.
• § 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 a reorganization, as defined
• § 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, by the board of the corporation, and,
• § 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 by Section 4848 or 4849 may be given before
• § 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, and, in case the seller is a Calif
• § 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, may, and any other purchaser or seller,
• § 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 of the Corporations Code do not apply to the shar
• § 4854 — A purchaser shall file the following with the commissioner: (a) A copy of the agreement of sale.
• § 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 sale will not result in a monopoly an
• § 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 the agreement of sale and endorse the approva
• § 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 approval of the application:
• § 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 of the seller which are specifically
• § 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 year after the time when the sale becomes effective.
• § 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.
• § 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 whole business unit to the purchaser
• § 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 b
• § 4871.5 — (a) No provision of Division 1.
• § 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.
• § 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 th
• § 4876.01 — In this article, unless the context otherwise requires, “sale” means any sale described in Section 4876.
• § 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 depository corporation pursuant to this
• § 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 4845.
• § 4876.04 — A seller shall file the following with the commissioner: (a) A copy of the agreement of sale.
• § 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 shareholders’ equity of the purchaser
• § 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 the agreement of sale and endorse the approva
• § 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 4845.
• § 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.
• § 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 purchaser and specifying the time at which th
• § 4877.01 — In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4877.
• § 4877.02 — A California state bank or a California industrial loan company may sell a California branch business unit to an insured foreign (other state) bank or an insured foreign (other state) industrial loan
• § 4877.03 — No provision of Division 1.
• § 4877.04 — A sale is subject to the provisions of Sections 4879.
• § 4877.05 — A sale shall have the same effect as provided in Sections 4879.
• § 4877.06 — Promptly after a sale becomes effective, the seller shall: (a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to t
• § 4877.07 — (a) After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stating that the seller sold a California branch business unit to the purchaser, describing the business
• § 4878.01 — In this article, unless the context otherwise requires, “sale” means any sale described in Section 4878.
• § 4878.02 — With the approval of the commissioner, a California state bank or savings association may sell a partial trust business unit to an uninsured foreign (other state) state depository corporation pursuant
• § 4878.03 — A sale is subject to the provisions of Sections 4879.
• § 4878.04 — 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 shareholders’ equity of the purchaser
• § 4878.05 — After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the agreement of sale and
• § 4878.06 — A sale shall have the same effect as provided in Sections 4879.
• § 4878.07 — (a) In case a seller is a California state commercial bank and sells all of its trust business in a sale: (1) As of the time when the sale becomes effective, the commissioner shall issue to the seller
• § 4878.08 — (a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stating that the seller sold a partial trust business unit to the purchaser, describing the business unit
• § 4879.01 — In this article, unless the context otherwise requires, “sale” means any of the sales described in Section 4879.
• § 4879.02 — With the approval of the commissioner: (a) A bank may sell a partial business unit to a California state bank pursuant to (1) this article, (2) in case the seller is a national banking association or
• § 4879.03 — 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 seller, a partial business unit, describin
• § 4879.04 — 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, as of the time when the agreement of sale is made
• § 4879.05 — (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, by the board of the corporation, and,
• § 4879.06 — In the case of a seller or purchaser that is a California state depository corporation, any approval of the outstanding shares of the corporation required by Section 4879.
• § 4879.07 — In obtaining any approval of outstanding shares required for an agreement of sale, a purchaser or seller that is a California state depository corporation and, in any case where the purchaser is a Cal
• § 4879.08 — 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,
• § 4879.09 — A purchaser or seller that is a California state depository corporation or California state-licensed foreign (other nation) bank, shall file the following with the commissioner: (a) A copy of the agre
• § 4879.10 — (a) In case the purchaser is either, and the seller is not either, a California state depository corporation or California state-licensed foreign (other nation) bank, if the commissioner finds all of
• § 4879.11 — After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the commissioner shall approve the agreement of sale and
• § 4879.12 — When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation) bank: (a) Unless the purchaser provided otherwise
• § 4879.13 — In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time when the sale becomes effective, the commissioner shall issue to the seller cer
• § 4879.14 — When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to the purchaser under the agreement of sale.
• § 4879.15 — 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 year after the time when the sale becomes effective.
• § 4879.16 — 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 pa
• § 4879.17 — (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 a partial business unit to the purchaser,
• § 4880 — In this article, unless the context otherwise requires: (a) “Agreement of merger” includes a certificate of ownership executed pursuant to Section 1110 of the Corporations Code.
• § 4881 — (a) With the approval of the commissioner, a bank may merge into a California state bank pursuant to (1) this article, (2) in case the disappearing bank is a national banking association or a Californ
• § 4882 — In obtaining any approval of outstanding shares required for a merger, the surviving depository corporation and, in case the surviving depository corporation is to issue securities in consideration of
• § 4883 — The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall not apply to the shareholders of the surviving depository corporation in a merger.
• § 4884 — A surviving depository corporation shall file with the commissioner an application for approval of the merger.
• § 4885 — If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a) That the merger will not result in a monopol
• § 4887 — (a) After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall approve the agreement of merger and endorse t
• § 4888 — When a merger becomes effective: (a) Unless the surviving depository corporation provided otherwise in the application for approval of the merger or unless the commissioner provided otherwise in the a
• § 4889 — (a) When a merger becomes effective: (1) Any reference to the disappearing depository corporation in any writing, whether executed or taking effect before or after the merger, shall be deemed a refere