California Insurance Code 1017 – (a) In the commissioner’s application for an order for the …
(a) In the commissioner‘s application for an order for the liquidation of a domestic corporation, or at any time thereafter, the commissioner may apply for, and the court shall make, an order dissolving the corporation.
(b) At any time during a proceeding for the liquidation of a domestic corporation authorized under Section 1016, the commissioner may apply for, and the court shall make, an order to permit the commissioner to sell the charter and license of that corporation while continuing to administer and distribute the remaining assets according to the provisions of this article. The order shall provide that the liabilities of the domestic corporation may not be transferred with the charter and license. In continuing the administration and distribution of assets the commissioner need not establish a liquidating trust or other, similar entity.
Terms Used In California Insurance Code 1017
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- 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.
- Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(Amended by Stats. 1995, Ch. 578, Sec. 2. Effective January 1, 1996.)