California Financial Code

§ 4878.04

FIN § 4878.04 Effective Jan 1, 1997Div. 1.6 · Ch. 3 · Art. 4.5

If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application:

(a)That the shareholders’ equity of the purchaser will be adequate and that the financial condition of the purchaser will be satisfactory.

(b)That the directors and executive officers of the purchaser will be satisfactory.

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Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 499.4. Effective January 1, 1997. Operative July 1, 1997.