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Article 4. Certain Sales Of Partial Business Units of California Financial Code >> Division 1.6. >> Chapter 3. >> Article 4.
In this article, unless the context otherwise requires,
"sale" means any of the sales described in Section 4877.02.
A California state bank or a California industrial loan
company may sell a California branch business unit to an insured
foreign (other state) bank or an insured foreign (other state)
industrial loan company pursuant to (1) this article and (2) the law
of the domicile of the insured foreign (other state) bank or the
insured foreign (other state) industrial loan company.
No provision of Division 1.1 (commencing with Section
1000), except the provisions of Chapter 19 (commencing with Section
1670) of Division 1.1, prohibits or restricts a sale in a case where
the seller is a California state bank or a California industrial loan
company.
A sale is subject to the provisions of Sections 4879.03 to
4879.06, inclusive, and Section 4879.08 as if the sale were a sale
of the type defined in Section 4879.01.
A sale shall have the same effect as provided in Sections
4879.14 and 4879.15 in the case of a sale of the type defined in
Section 4879.01.
Promptly after a sale becomes effective, the seller shall:
(a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to the California branch business unit sold.
(b) File with the commissioner any report of the sale that the commissioner may require.
(a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it by the commissioner that relates to the California branch business unit sold.
(b) File with the commissioner any report of the sale that the commissioner may require.
(a) After a sale becomes effective, the seller or
purchaser may issue an officer's certificate stating that the seller
sold a California branch business unit to the purchaser, describing
the business unit, and specifying the time at which the sale became
effective.
(b) Any certificate issued pursuant to subdivision (a) shall be prima facie evidence of the fact of the sale and of the regularity of the proceedings taken for the sale and shall be conclusive evidence of the matters in favor of any innocent purchaser or encumbrancer for value.
(b) Any certificate issued pursuant to subdivision (a) shall be prima facie evidence of the fact of the sale and of the regularity of the proceedings taken for the sale and shall be conclusive evidence of the matters in favor of any innocent purchaser or encumbrancer for value.
