California Financial Code

§ 5760

FIN § 5760 Effective Sep 29, 2006Div. 2 · Ch. 2 · Art. 7

Statute text

(a)Any association, owning all the outstanding stock of any corporation, may merge its wholly owned subsidiary corporation if the laws under which the subsidiary corporation exists permit a merger as this section provides. The association shall submit to the commissioner for approval a certificate of ownership in its name signed by its president or a vice president, and its secretary or an assistant secretary, which shall be verified by their affidavit, stating, in effect, that the matters set forth in the certificate are true of their own knowledge. The certificate shall set forth:

(1)That it owns all the outstanding stock of the merged corporation.

(2)A copy of the resolution adopted by its board of directors to merge the corporation, and to assume all of its obligations.

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Legislative history

Amended by Stats. 2006, Ch. 773, Sec. 48. Effective September 29, 2006.