California Financial Code 4964 – Promptly after a conversion becomes effective, the resulting …
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Promptly after a conversion becomes effective, the resulting depository corporation shall:
(a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued by the commissioner to the converting depository corporation; and
Terms Used In California Financial Code 4964
- 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.
(b) File with the commissioner such report of the conversion as the commissioner may require.
(Amended by Stats. 1996, Ch. 1064, Sec. 544. Effective January 1, 1997. Operative July 1, 1997.)