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1
<br />; •
<br />dment. Raised fee amount from 51,000 to
<br />WeSCS California Code Forms, Financial.
<br />FINANCIAL CODE
<br />ndent. There shall be attached to the
<br />d by the secretary of each of the banks
<br />I ' y the bank of which he is secretary in
<br />orne effective until it has been approved
<br />proval shall be in such form and contain
<br />be accompanied by a fee of • " two
<br />.nt has been executed and approved by
<br />ieen approved by the superintendent
<br />r four successive weeks in a newspaper
<br />cipal place of business, or if a branch or
<br />he county in which such branch office is
<br />,s principal place of business. Within
<br />avit showing publication in compliance
<br />963, p. 1040, § 104.5; Stats.1978, c. 965,
<br />•
<br />ts to Section 2053 proposed by both bills be given
<br />tuctirporaied in Section 2053 in the form set forth
<br />104.5 of this act. Therefore, Section 104.5 of this.
<br />eccme operative only if t his bill and Senate Bill
<br />-e both chaptered, both become effective January
<br />:d both amend Section 2053. and Senate Bill No.
<br />txt before this bill in which case Section 104 of
<br />ill not become operative."
<br />mmdirtent. Deleted from the first sentence "pur.
<br />uthority conferred by the board of directors of
<br />re,pectively" following "appropriate officers of
<br />banks"; substituted an the first sentence "each of
<br />tr. .accordance with Section 2052" for the "requi-
<br />. if shareholders": substituted in the second
<br />of approval by the bank for certifica-
<br />,rot.al by the shareholders or consent by a nation.
<br />.....,ocistion: and substituted the fourth sentence
<br />tan te with Section 2052" for "in the manner
<br />urrcr.
<br />nienance by selling bunk
<br />-a one year after the last date of the
<br />.12Junt, if any, of its contributed capital
<br />as discretion may require.
<br />ct
<br />rnent of purchase and sale ' • ' the
<br />Ifeciive and at such time the purchasing
<br />,,,ithout further transfer, substitution.
<br />a!4er.s, investments, deposits, demands,
<br />the selling bank or of the business or
<br />erttes, assets, investments, agreements.
<br />:Iciany under all trusts. executorships.
<br />all other fiduciary or representative
<br />timed, acquired. or owned the same and
<br />nient of all executorships, trusteeships.
<br />changes or additions by amendment
<br />guardianships, conservatorships, and other fiduciary and representative capacities to which the
<br />selling bank or trust company may be named or is thereafter named in wills, whenever probated, or
<br />to which it is or may be named or appointed by any other instrument.
<br />(Amended by Stats.1973, c. 963, p. 1841, § 105; Stats.1979, c. 730, p. 2485, § 41, operative Jan. 1,
<br />1981.)
<br />Law Revision Commission Comment
<br />1979 Amendment
<br />Section 2057 is amended to add the references to conser-
<br />vatorships.
<br />1973 Amendment. Substituted the words "business or L4brary References
<br />branch sold or of the branch business" for the words "or of
<br />the department or branch".
<br />1979 Amendment. Included "conservatorships" in two
<br />places.
<br />§ 2058. Purchase of shares of another bank or trust company
<br />Subject to the prior approval of the Superintendent of Banks. the affirmative vote of two-thirds of
<br />all of its directors, and, in case the transaction constitutes a reorganization (as defined in Section 181
<br />of the Corporations Code), to the provisions of Chapter 12 (commencing with Section 1200), Division
<br />1, Title 1 of the Corporations Code, a bank or trust company may purchase in one transaction 100
<br />percent of the outstanding shares of any state bank or of a national banking association, or trust
<br />company operating in this state, in accordance with a plan by which:
<br />The bank whose stock has been purchased shall immediately be merged with the purchasing
<br />bank in the manner contemplated by law; or
<br />The bank whose stock has been purchased, shall immediately be dissolved, its assets vested in
<br />its shareholders and its deposits and all other liabilities, including trust liabilities, shall be assumed
<br />by the acquiring bank or trust company, subject to the right of each depositor of the bank whose
<br />stock has been purchased to withdraw his deposit and of the right of trustors and beneficiaries under
<br />trusts held by such bank to nominate another trustee as in the case of the purchase and sale of the
<br />business of a bank under Section 2051.
<br />The acquiring bank may permit directors of the bank or trust company, whose shares are so
<br />acquired, to retain their respective qualifying shares until dissolution; provided, that each such
<br />director agrees to accept the purchase price of his shares in lieu of his proportionate share of the
<br />assets upon dissolution.
<br />Upon the approval by the superintendent of the plan, he shall fix a time when the consummation of
<br />such plan shall become effective. Upon completion of the plan, the acquiring bank ipso facto and by
<br />operation of law and without further transfer, substitution, act or deed, succeeds to the rights,
<br />properties, assets, investments, deposits, demands, agreements and trusts of the bank or trust
<br />company whose stock has been purchased under all trusts, executorships, administrations, guardian-
<br />ships, conservatorships. agencies, and all other fiduciary or representative capacities to the same
<br />extent as though it had originally assumed the same and shall succeed to and be entitled to take and
<br />execute the appointment to all executorships, trusteeships, guardianships, conservatorships, and
<br />other fiduciary and representative capacities to which the bank whose stock has been purchased may
<br />be named, or is thereafter named, in wills whenever probated or to which it is, or may be named, or
<br />appointed by any other instrument, all subject to all other provisions of this code.
<br />Before granting the approval required by this section, the superintendent may direct the purchas-ing hank to continue banking facilities at the location, or locations, of the purchased bank, if, in his
<br />judgment, public convenience would require the continuation of such banking facilities. The
<br />superintendent may also impose such other terms and conditions as will, in his judgment, be
<br />considered necessary to insure the faithful carrying out of the requirements hereof.
<br />i Amended by Stats.1978, c. 965, p. 2999, § 125; Stats.1979, c. 730, p. 2486, § 42, operative Jan. 1,
<br />1981.)
<br />Asterisks • • • Indicate deletions by amendment
<br />167
<br />FINANCIAL CODE
<br />§ 2058
<br />Recommendations relating to Guardianship-Conservator-
<br />ship Law, 14 Cal.L.Rev.Comm. Reports 501 (1978).
<br />SDd ODHVd SI1HM VLSOTOZOSS XVH ZZ:ZT nu SO/LT/TT
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