California Financial Code

§ 672

FIN § 672 Effective Jan 1, 2014Div. 1 · Ch. 7 · Art. 4

Statute text

(a)The commissioner may, with the approval of the court, sell any part or the whole of the business of a licensee to any other licensee. 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

Amended by Stats. 2013, Ch. 334, Sec. 31. (SB 537) Effective January 1, 2014.