4828
. Subject to the provisions of Sections 4827.3 and 4827.7 but
notwithstanding any other provision of law:
(a) (1) If, as a result of any sale, merger, or conversion
effected pursuant to the provisions of this division, a California
state bank acquires any asset or liability, or becomes engaged in any
activity, which was permitted to the selling, disappearing, or
converting depository corporation but which is prohibited to
California state banks, the commissioner may permit the California
state bank a reasonable period of time, not to exceed 12 months,
within which to divest itself of the asset, liability, or activity or
to conform it to law. On a case-by-case basis, the commissioner may
permit the California state bank a reasonable period of time in
excess of 12 months if the commissioner finds that the bank cannot
reasonably accomplish the divestment or conformity within the
12-month period.
(2) If, as a result of any sale or merger effected pursuant to the
provisions of this division, a California state-licensed foreign
(other nation) bank acquires any asset or liability, or becomes
engaged in any activity, which was permitted to the selling or
disappearing depository corporation but which is prohibited to
California state-licensed foreign (other nation) banks, the
commissioner may permit the California state-licensed foreign (other
nation) bank a reasonable period of time, not to exceed 12 months,
within which to divest itself of the asset, liability, or activity or
to conform it to law. On a case-by-case basis, the commissioner may
permit the California state-licensed foreign (other nation) bank a
reasonable period of time in excess of 12 months if the commissioner
finds that the bank cannot reasonably accomplish the divestment or
conformity within the 12-month period.
(b) If, as a result of a sale, merger, or conversion effected
pursuant to the provisions of this division, a California state
savings association acquires any asset or liability, or becomes
engaged in any activity, which was permitted to the selling,
disappearing, or converting depository corporation but which is
prohibited to California state savings associations, the commissioner
may permit the California state savings association a reasonable
period of time, not to exceed 12 months, within which to divest
itself of the asset, liability, or activity or to conform it to law.
On a case-by-case basis, the commissioner may permit the California
state savings association a reasonable period of time in excess of 12
months if the commissioner finds that the savings association cannot
reasonably accomplish the divestment or conformity within the
12-month period.
(c) If, as a result of a sale, merger, or conversion effected
pursuant to the provisions of this division, a California industrial
loan company acquires any asset or liability, or becomes engaged in
any activity, which was permitted to the selling, disappearing, or
converting depository corporation but which is prohibited to
California industrial loan companies, the commissioner may permit the
California industrial loan company a reasonable period of time, not
to exceed 12 months, within which to divest itself of the asset,
liability, or activity or to conform it to law. On a case-by-case
basis, the commissioner may permit the California industrial loan
company a reasonable period of time in excess of 12 months if the
commissioner finds that the industrial loan company cannot reasonably
accomplish the divestment or conformity within the 12-month period.