California Financial Code

§ 5801

FIN § 5801Div. 2 · Ch. 2 · Art. 8

Statute text

(a)Except as provided in subdivision (b), no person may become a savings and loan holding company, or thereafter register under Section 5804, unless the commissioner approves a completed application. The application shall be in a form prescribed by the commissioner, contain the following information and any additional information that the commissioner may determine by regulation or by written instructions to be necessary or appropriate to preserve the public interest, the integrity of the state’s savings association system, and to protect the interests of savings account holders, borrowers, and stockholders resident in this state:

(1)The identity, experience, and financial and managerial resources of each acquiring person by whom or on whose behalf the application is made.

(2)The terms, conditions, and method of any proposed acquisition, including copies of all tender offers used or to be used in connection with any proposed acquisition of capital stock.

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Legislative history

Amended by Stats. 1990, Ch. 1118, Sec. 27.