Section 4828.3 Of Article 3. Other General Provisions From California Financial Code >> Division 1.6. >> Chapter 1. >> Article 3.
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 Corporations Code, subject to the provisions of Chapter 12
(commencing with Section 1200) of Division 1 of Title 1 of the
Corporations Code, acquire in a single transaction all (except
directors' qualifying shares, if any) of the outstanding shares of
another depository corporation in accordance with a plan that
provides either of the following:
(a) That the other depository corporation shall (1) immediately
sell its whole business unit (as defined in Section 4840) to the
California state bank or industrial loan company and (2) shall
thereafter wind up and dissolve or, if the other depository
corporation is a California state bank or an industrial loan company
and if the commissioner so approves, change into a nonbank
corporation by amending its articles and changing its name.
(b) That the other depository corporation shall immediately merge
into the California state bank or industrial loan company.