Section 1512 Of Article 4. Investments From California Financial Code >> Division 1.1. >> Chapter 14. >> Article 4.

. Notwithstanding Section 1510, a bank may purchase, acquire, or hold the stock of any corporation pursuant to a plan of reorganization approved by the commissioner by which all of the stock of one or more banks organized under the laws of this state shall be acquired and immediately reissued proportionately to the stockholders of the acquiring bank.