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 division in which it would transfer to a California
state-licensed or federally licensed foreign (other nation) bank any
deposit or fiduciary account that the foreign bank is not authorized
to accept.
(B) No California state-licensed foreign (other nation) bank may,
as the purchasing or surviving depository corporation, make a sale or
merger pursuant to this division in which it would acquire any
deposit or fiduciary account that it is not authorized to accept.
(2) Notwithstanding paragraph (1) and Section 1805, a California
state depository corporation may, as the selling or disappearing
depository corporation, make a sale or merger pursuant to this
division in which it transfers to a California state-licensed or
federally licensed foreign (other nation) bank deposits or fiduciary
accounts that the foreign bank is not authorized to accept, and a
California state-licensed foreign (other nation) bank may, as the
purchasing or surviving depository corporation, make a sale or merger
pursuant to this division in which it acquires deposits or fiduciary
accounts that it is not authorized to accept, if, concurrently with
the effective time of the sale or merger, the foreign bank, pursuant
to Article 5 (commencing with Section 4879.01) of Chapter 3 or other
applicable law, sells all those deposits and fiduciary accounts to a
depository corporation that is authorized to accept them.
(b) (1) Except as otherwise provided in paragraph (2):
(A) No California state bank or industrial loan company may, as
the selling, disappearing, or converting depository corporation, make
a sale, merger, or conversion pursuant to this division in which it
would transfer to a savings association any deposit or fiduciary
account that the savings association is not authorized to accept.
(B) No California state savings association may, as the
purchasing, surviving, or resulting depository corporation, make a
sale, merger, or conversion pursuant to this division in which it
would acquire any deposit or fiduciary account that it is not
authorized to accept.
(2) Notwithstanding paragraph (1) and Division 2 (commencing with
Section 5000), a California state bank or industrial loan company
may, as the selling, disappearing, or converting depository
corporation, make a sale, merger, or conversion pursuant to this
division in which it transfers to a savings association deposits or
fiduciary accounts that the savings association is not authorized to
accept, and a California state savings association may, as the
purchasing, surviving, or resulting depository corporation, make a
sale, merger, or conversion pursuant to this division in which it
acquires deposits or fiduciary accounts that it is not authorized to
accept, if, concurrently with the effective time of the sale, merger,
or conversion, the savings association, pursuant to Article 5
(commencing with Section 4879.01) of Chapter 3 or other applicable
law, sells all those deposits and fiduciary accounts to a depository
corporation that is authorized to accept them.
(c) (1) Except as otherwise provided in paragraph (2):
(A) No California state bank or savings association may, as the
selling, disappearing, or converting depository corporation, make a
sale, merger, or conversion pursuant to this division in which it
would transfer to an industrial loan company any deposit or fiduciary
account that the industrial loan company is not authorized to
accept.
(B) No California industrial loan company may, as the purchasing,
surviving, or resulting depository corporation, make a sale, merger,
or conversion pursuant to this division in which it would acquire any
deposit or fiduciary account that it is not authorized to accept.
(2) Notwithstanding paragraph (1) and Division 1.1 (commencing
with Section 1000), a California state bank or savings and loan
association may, as the selling, disappearing, or converting
depository corporation, make a sale, merger, or conversion pursuant
to this division in which it transfers to an industrial loan company
deposits or fiduciary accounts that the industrial loan company is
not authorized to accept, and a California industrial loan company
may, as the purchasing, surviving, or resulting depository
corporation, make a sale, merger, or conversion pursuant to this
division in which it acquires deposits or fiduciary accounts that it
is not authorized to accept, if, concurrently with the effective time
of the sale, merger, or conversion, the industrial loan company,
pursuant to Article 5 (commencing with Section 4879.01) of Chapter 3
or other applicable law, sells all those deposit accounts and
fiduciary accounts to a depository corporation that is authorized to
accept them.