California Corporations Code

§ 28551

CORP § 28551 Effective Jan 1, 1999Div. 3 · Title 4 · Ch. 8

Statute text

The commissioner shall approve an application for approval to acquire control of a licensee only if, after notice and a hearing, the commissioner finds all of the following:

(a)That the applicant and the directors and officers of the applicant are of good character and sound financial standing.

(b)That it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with all applicable provisions of this division and of any regulation or order issued under this division.

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Legislative history

Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.