Section 4876.06 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.
4876.06
. After an application for approval of a sale has been
approved and all conditions precedent to the sale have been
fulfilled, the commissioner shall approve the agreement of sale and
endorse the approval on the original or a copy of the agreement of
sale. The sale shall become effective for all purposes at that time
except that, if the law of the purchaser's domicile provides for the
sale to become effective at a later time, it shall become effective
at the later time.