California Financial Code

§ 624

FIN § 624 Effective Jan 1, 2012Div. 1 · Ch. 7 · Art. 2

Statute text

(a)The commissioner may sell to any other licensee any part or the whole of the business of a licensee that is subject to liquidation or conservatorship. The purchase and sale shall be approved by the purchasing licensee, as follows:

(1)If the purchasing licensee is organized under the laws of this state, by two-thirds of all of its directors.

(2)If the licensee is any licensee other than a licensee organized under the laws of this state, in accordance with the laws of the jurisdiction under which the licensee is organized.

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.