Section 4879.12 Of Article 5. Other Sales Of Partial Business Units From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 5.
4879.12
. When a sale becomes effective, in case the purchaser is a
California state depository corporation or California state-licensed
foreign (other nation) bank:
(a) Unless the purchaser provided otherwise in the application for
approval of the sale or unless the commissioner provided otherwise
in the approval of the application:
(1) The purchaser may establish equivalent offices at any branch
offices, places of business, extensions of offices, and other
facilities of the seller transferred in the sale.
(2) If the seller was authorized to transact trust business and if
the partial business unit sold includes any trust business, the
purchaser, if it is a California state bank or savings association,
may transact trust business.
(b) The commissioner shall issue to the purchaser certificates of
authority, licenses, and other authorizations as may be necessary to
carry out the provisions of subdivision (a).