California Financial Code

§ 4925

FIN § 4925 Effective Jan 1, 1997Div. 1.6 · Ch. 5 · Art. 1

Statute text

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

(a)That the shareholders equity of the resulting depository corporation will be adequate and that the financial condition of the resulting depository corporation will be satisfactory.

(b)That the directors, executive officers, and any controlling person of the resulting corporation will be satisfactory.

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Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 527. Effective January 1, 1997. Operative July 1, 1997.