California Financial Code 4962 – (a) A converting depository corporation shall make a plan of …
(a) A converting depository corporation shall make a plan of conversion, stating:
(1) That the converting depository corporation shall be converted into the resulting depository corporation.
Terms Used In California Financial Code 4962
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- conversion: means any of the conversions described in Section 4961. See California Financial Code 4960
- 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.
(2) Proposed articles of the resulting depository corporation.
(3) Manner of converting the securities of the converting depository corporation into securities of the resulting depository corporation.
(4) Such other provisions as may be appropriate.
(b) (1) The plan of conversion shall be approved by the board of the converting depository corporation, and the principal terms of the plan of conversion shall be approved by the outstanding shares of the converting depository corporation.
(2) (A) Any amendment to the plan of conversion shall be approved by the board of the converting depository corporation and, if the amendment changes any of the principal terms of the plan of conversion, by the outstanding shares of the converting depository corporation.
(B) If the plan of conversion is amended and if the amendment is approved as required by subparagraph (A), the plan of conversion, as thus amended, shall constitute the plan of conversion.
(3) Any approval of the outstanding shares of the converting depository corporation required by this subdivision may be given before or after the approval of the board of the converting depository corporation.
(c) The board of the converting depository corporation may, in its discretion and without further approval of the outstanding shares, abandon the conversion at any time before the conversion becomes effective.
(Added by Stats. 1982, Ch. 1411, Sec. 3.)