Section 4878.07 Of Article 4.5. Sale Of Partial Trust Business Unit By California State Bank Or Savings Association To Uninsured Foreign (other State) State Depository Corporation From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 4.5.
4878.07
. (a) In case a seller is a California state commercial bank
and sells all of its trust business in a sale:
(1) As of the time when the sale becomes effective, the
commissioner shall issue to the seller certificates of authority
authorizing it to transact commercial banking business in replacement
of the certificates of authority that the seller is required to
surrender pursuant to paragraph (2).
(2) Promptly after the sale becomes effective, the seller shall
surrender to the commissioner for cancellation its certificates of
authority authorizing it to transact commercial banking business and
trust business and shall file with the commissioner any report of the
sale that the commissioner may require.
(b) In any other case, promptly after the sale becomes effective,
the seller shall:
(1) Surrender to the commissioner for cancellation the certificate
of authority or license for any office closed as a result of the
sale.
(2) File with the commissioner any report of the sale that the
commissioner may require.