Section 4876.05 Of Article 3.5. Sale Of Whole Business Unit Of California State Independent Trust Company To Uninsured Foreign (other State) State Depository Corporation From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 3.5.
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 will be
adequate and that the financial condition of the purchaser will be
satisfactory.
(b) That the directors and executive officers of the purchaser
will be satisfactory.
(c) That the purchaser will afford reasonable promise of
successful operation and that it is reasonable to believe that the
purchaser will operate in a safe and sound manner and in compliance
with all applicable laws.
(d) That the sale will be fair, just, and equitable. For purposes
of this subdivision, in the case of any term of the sale that has
been determined by agreement between the seller and the purchaser in
an arm's-length transaction, the commissioner shall find that the
term is fair, just, and equitable to the seller and the purchaser.
If the commissioner finds otherwise, the commissioner shall deny
the application for approval of the sale.