California Financial Code

§ 4827.7

FIN § 4827.7 Effective Jan 1, 2014Div. 1.6 · Ch. 1 · Art. 3

Statute text

(a)(1) Except as otherwise provided in paragraph (2):

(A)No California state depository corporation may, as the selling or disappearing depository corporation, make a sale or merger pursuant to this division in which it would transfer to a California state-licensed or federally licensed foreign (other nation) bank any deposit or fiduciary account that the foreign bank is not authorized to accept.

(B)No California state-licensed foreign (other nation) bank may, as the purchasing or surviving depository corporation, make a sale or merger pursuant to this division in which it would acquire any deposit or fiduciary account that it is not authorized to accept.

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Legislative history

Amended by Stats. 2013, Ch. 334, Sec. 57. (SB 537) Effective January 1, 2014.