With the approval of the commissioner, a California state independent trust company may sell its whole business unit to an uninsured foreign (other state) state depository corporation pursuant to this article and the law of the purchaser‘s domicile.

(Amended by Stats. 1996, Ch. 1064, Sec. 497.2. Effective January 1, 1997. Operative July 1, 1997.)

Terms Used In California Financial Code 4876.02

  • Business unit: means a branch business unit, a partial business unit, or a whole business unit. See California Financial Code 4840
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Independent trust company: means a trust company that is neither a commercial bank nor a title insurance company. See California Financial Code 4840
  • Purchaser: means a depository corporation that purchases a business unit from another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
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