California Financial Code

§ 4879.04

FIN § 4879.04 Effective Oct 2, 1995Div. 1.6 · Ch. 3 · Art. 5

Statute text

The agreement of sale shall be approved by the seller and purchaser, as follows:

(a)In the case of a California state depository corporation:

(1)If, as of the time when the agreement of sale is made, the deposits, if any, of the partial business unit are less than 10 percent of the total deposits of the state depository corporation and the fiduciary assets, if any, of the partial business unit are less than 10 percent of the total fiduciary assets of the state depository corporation, the agreement of sale shall be approved by the board of the state depository corporation.

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Legislative history

Added by Stats. 1995, Ch. 480, Sec. 155. Effective October 2, 1995.