Section 4908.06 Of Article 4. Merger Of California State Independent Trust Company Into Uninsured Foreign (other State) Depository Corporation From California Financial Code >> Division 1.6. >> Chapter 4. >> Article 4.
4908.06
. If the commissioner finds all of the following with
respect to an application for approval of a merger, the commissioner
shall approve the application:
(a) That the shareholders' equity of the surviving depository
corporation will be adequate and that the financial condition of the
surviving depository corporation will be satisfactory.
(b) That the directors and executive officers of the surviving
depository corporation will be satisfactory.
(c) That the surviving depository corporation will afford
reasonable promise of successful operation and that it is reasonable
to believe that the surviving depository corporation will be operated
in a safe and sound manner and in compliance with all applicable
laws.
(d) That the merger will be fair, just, and equitable. For
purposes of this subdivision, in the case of any term of the merger
that has been determined by agreement between the disappearing
depository corporation and the surviving depository corporation in an
arm's-length transaction, the commissioner shall find that the term
is fair, just, and equitable to the disappearing depository
corporation and the surviving depository corporation.
If the commissioner finds otherwise, the commissioner shall deny
the application for approval of the merger.