California Financial Code

§ 1255

FIN § 1255 Effective Jan 1, 2014Div. 1.1 · Ch. 7

Statute text

(a)For purposes of Section 1254, the commissioner may find:

(1)That the integrity of an acquiring person indicates that it would not be in the interest of the depositors, creditors, or shareholders of a bank or controlling person or in the interest of the public to permit the acquiring person to control the bank or controlling person if the acquiring person or any director or officer of the acquiring person has been convicted of, or has pleaded nolo contendere to, any crime involving fraud or dishonesty.

(2)That a plan to make a major change in the management of a bank or controlling person is not fair and reasonable to the depositors, creditors, or shareholders of the bank or controlling person if the plan provides for a person who has been convicted of, or has pleaded nolo contendere to, any crime involving fraud or dishonesty to become a director or officer of the bank or controlling person.

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Legislative history

Amended by Stats. 2013, Ch. 334, Sec. 35. (SB 537) Effective January 1, 2014.