Fin. Code, § 4879.04 · Article 5. Other Sales of Partial Business Units
Fin. Code, § 4879.04
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The agreement of sale shall be approved by the seller and purchaser, as follows:
(a) In the case of a California state depository corporation:
(1) If, as of the time when the agreement of sale is made, the deposits, if any, of the partial business unit are less than 10 percent of the total deposits of the state depository corporation and the fiduciary assets, if any, of the partial business unit are less than 10 percent of the total fiduciary assets of the state depository corporation, the agreement of sale shall be approved by the board of the state depository corporation.
(2) Otherwise, the agreement of sale shall be approved by the board of the state depository corporation, and the principal terms of the agreement of sale shall be approved by the outstanding shares of the state depository corporation.
(3) For purposes of paragraphs (1) and (2):
(A) The amount of deposits shall be determined as of the end of the calendar quarter immediately preceding the making of the agreement of sale.
(B) The value of fiduciary assets shall be the net carrying value, as determined in conformity with generally accepted accounting principles, as of the end of the calendar quarter immediately preceding the making of the agreement of sale.
(b) In the case of a depository corporation other than a California state depository corporation, the agreement of sale shall be approved as required by the law of the depository corporation’s domicile.
Notes and commentary — not statutory text
History
Added by Stats. 1995, Ch. 480, Sec. 155. Effective October 2, 1995.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=4879.04.
- Text hash
- sha256 14a5595e60ce045803fcaf27b186c6567b0890bd828350047e516ade44fa403f
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 3 provisions
Provisions in this library whose text cites Fin. Code, § 4879.04. Each shows the citation as that text prints it.
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