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California Law (Last Updated: March 4, 2014) |
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Financial Code - FIN |
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Division 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION |
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Chapter 5. Conversion |
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ARTICLE 2. Conversion of Federal Depository Corporation Into California State Depository Corporation |
Section 4948.
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(a) After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall:
(1) In case the resulting depository corporation is a California state bank, issue to the resulting depository corporation a certificate of authority authorizing it to transact commercial banking business or commercial banking business and trust business, as the case may be.
(2) In case the resulting depository corporation is a California state savings association, issue to the resulting depository corporation a license authorizing it to transact business as a California state savings association.
(3) In case the resulting depository corporation is a California industrial loan company, issue to the resulting depository corporation a certificate of authority authorizing it to transact business as an industrial loan company.
(b) Upon the issuance of the certificate of authority or license pursuant to subdivision (a), the conversion shall become effective for all purposes.