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California Code, Financial Code - FIN § 4928

Current as of January 01, 2023 | Updated by FindLaw Staff

When a conversion becomes effective, the commissioner shall:

(a)(1) In case the resulting depository corporation is a California state bank, issue to the resulting depository corporation a certificate of authority authorizing it to transact commercial banking business or commercial banking business and trust business, as the case may be.

(2) In case the resulting depository corporation is a California state savings association, issue to the resulting depository corporation a license authorizing it to transact business as a state savings association.

(3) In case the resulting depository corporation is a California industrial loan company, issue to the resulting depository corporation a certificate of authority authorizing it to transact business as an industrial loan company.

(b) In any case, issue to the resulting depository corporation certificates of authority, licenses, or other appropriate authorizations for the branch offices, places of business, extensions of offices, and other facilities, if any, that the converting depository corporation was operating and that the resulting depository corporation is to continue to operate.

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Cite this article: FindLaw.com - California Code, Financial Code - FIN § 4928 - last updated January 01, 2023 | https://codes.findlaw.com/ca/financial-code/fin-sect-4928/

Read this complete California Code, Financial Code - FIN § 4928 on Westlaw

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