Section 4879.13 Of Article 5. Other Sales Of Partial Business Units From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 5.
4879.13
. In case a seller is a California state commercial bank and
sells all of its trust business in a sale:
(a) 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 subdivision (b).
(b) 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.