|
§ 2053 FINANCIAL CODE FINANCIAL CODE
<br />guardianships, conservatorships. a
<br />selling bank or trust company may
<br />to which it is or may be named or
<br />(Amended by Stats.1973, c. 96:3, p.
<br />J981.)
<br />Lass
<br />Section 2057 is amended to add the refit
<br />vaiorships.
<br />1973 Amendment. Substituted the won
<br />branch sold or of the branch business" for t
<br />the department or branch".
<br />. 1979 Amendment. Included "conservat
<br />places.
<br />§ 2058. Purchase of shares of an
<br />Subject to the prior approval of ti
<br />all of its directors, and, in case the t
<br />of the Corporations Code), to the pi
<br />1, Title 1 of the Corporations Code
<br />percent of the outstanding shares
<br />company operating in this state, in
<br />The bank whose stock has be
<br />bank in the manner contemplated b
<br />The bank whose stock has beE
<br />its shareholders and its deposits an,
<br />by the acquiring bank or trust corn
<br />stock has been purchased to withdra
<br />trusts held by such bank to nominal
<br />business of a bank under Section 21
<br />The acquiring bank may permit
<br />acquired, to retain their respective
<br />director agrees to accept the porch;
<br />assets upon dissolution.
<br />Upon the approval by the superint
<br />such plan shall become effective. U
<br />operation of law and without furti
<br />properties, assets, investments, del
<br />company whose stock has been purc
<br />ships, conservatorships, agencies, a
<br />Ss extent as though it had originally as
<br />execute the appointment to all exE
<br />other fiduciary and representative cc
<br />be named, or is thereafter named, in
<br />appointed by any other instrument,
<br />Before granting the approval reqc
<br />ing bank to continue banking faciliti
<br />!' judgment, public convenience wou
<br />superintendent may also impose si
<br />considered necessary to insure the f
<br />(Amended by Stats.1978, C. 965, p.
<br />1981.)
<br />Asterisks • • " indicate deletions
<br />duplicate original thereof shall be filed with the superintendent. There shall be attached to the
<br />agreement filed with the superintendent certificates executed hy the secretary of each of the banks
<br />respectively, certifying that the agreement has been approved by the bank of which he is secretary in
<br />accordance with Section 2052. Such agreement shall not become effective until it has been approved
<br />in writing by the superintendent. An application for such approval shall be in such form and contain
<br />such information as the superintendent may require, and be accompanied by a fee of • ' • two
<br />thousand five hundred dollars (82.500). When the agreement has been executed and approved by
<br />each of such banks in accordance with Section 2052 and has been approved by the superintendent
<br />notice of such agreement shall be published once a week for four successive weeks in a newspaper
<br />puhlished in the county in which the selling bank has its principal place of business, or if a branch or
<br />a branch business is sold then in a newspaper published in the county in which such branch office is
<br />located, and in the county in which the purchasing bank has its principal place of business. Within
<br />10 days after the last publication of such notice an affidavit showing publication in compliance
<br />herewith shall be filed in the office of the superintendent.
<br />(Amended by Stats.1973, c. 858, p. 1556, § 19; Stats.1973, e. 963, p. 1040, § 104.5; Stats.1978, c. 965,
<br />p. 2999, § 123; Stats.1981, c. 444, p. 1693, § 22.)
<br />1973 Amendments. Substituted the words "a branch or a
<br />branch business" for the words "the business of a branch or
<br />a department of a branch" in the penultimate sentence.
<br />Section 26 of Stats.1973, c. 858, p. 1560, provided:
<br />"It is the intent of the Legislature, if both this bill and
<br />Assembly Bill No. 267 [Stats.1973, c. 963] are chaptered,
<br />become effective January I. 1974, and amend Section 2053
<br />of the Financial Code [Section 2053 was so amended]. and
<br />this bull is chaptered after Assembly Bill No. 267, that the
<br />amendments to Section 2053 proposed by both bills be given
<br />effect and incorporated in Section 2053 in the form set forth
<br />in Section 19.5 of this act. Thereibre. Section 19.3 of this
<br />act shall become operative only if this bill and Assembly Bill
<br />No. 267 are both chaptered both become effective January I.
<br />1974. and both amend Section 2053, and Assembly Bill No.
<br />267 is chapiered before this bill, in which case Section 19 of
<br />this act shall not become operative."
<br />Section 132 of Stats.1973. c. 963, p. 1853, provided:
<br />"It is the intent of the Legislature that if both this bill and
<br />Senate Bill No. 798 [Stats.1973, c. 858) are simmered,
<br />become effective January 1, 1974. and amend Section 2033
<br />of the Financial Code [Section 2053 was so amended]. and
<br />this bill is chaptered after Senate Bill No, 798, that the
<br />amendments to Section 2053 proposed by both bills be given
<br />effect and incorporated in Section 2053 in the form set forth
<br />in Section 104.5 of this act. Therefore, Section 104.5 of this
<br />act shall become operative only if this bill and Senate Bill
<br />No. 798 are both chaptered. both become effective January
<br />I, 1974, and both amend Section 2033. and Senate Bill No.
<br />798 is chaptered before this bill in which case Section 104 of
<br />this act shall not become operative."
<br />1978 Amendment. Deleted front the first sentence "pur-
<br />suant to authority conferred by the board of directors of
<br />each bank respectively" following "appropriate officers of
<br />each of the banks"; substituted in the first sentence "each of
<br />the banks in accordance with Section 2052" for the "requi-
<br />site number of shareholders"; substituted in the second
<br />sentence certification of approval by the bank for certifica-
<br />tion of approval by the shareholders or consent by a nation.
<br />al banking association; and substituted the fourth sentence
<br />"in accordance with Section 2052" for "in the manner
<br />herein required".
<br />1981 Amendment. Raised fee amount from 51,000 to
<br />52.500.
<br />Forms; See West's California Code Forms, Financial.
<br />§ 2055. Contributed capital or shareholders' equity; maintenance by selling bank
<br />The selling bank shall maintain for a period of at least one year after the last date of the
<br />publication of the notice provided for in Section 2053, such amount, if any, of its contributed capital
<br />or • • ' its shareholders' equity as the superintendent in his discretion may require.
<br />(Amended by Stats.1978, c. 965, p. 2999, § 124.)
<br />1978 Amendment. Substituted "contributed capital or its
<br />sharehol • rs' equity" for "capital or its capital and surplus",
<br />ffective date of superintendent's approval: effect
<br />Upon the approval by the superintendent of an agreement of purchase and sale • • • the
<br />superintendent shall fix a time when such approval shall be effective and at such time the purchasing
<br />bank or trust company ipso facto and by operation of law and without further transfer, substitution,
<br />act, or deed succeeds to all rights, obligations, properties, assets, investments, deposits, demands,
<br />and agreements covered by the agreement, and to all trusts of the selling bank or of the business or
<br />branch sold or of the branch business sold and to all properties, assets, investments, agreements.
<br />rights, and obligations of the selling bank or trust company under all trusts, executorships,
<br />administrations, guardianships, conservatorships, agencies, and all other fiduciary or representative
<br />capacities to the same extent as though it had originally assumed, acquired, or owned the same and
<br />succeeds to and is entitled to take and execute the appointment of all executorships, trusteeships,
<br />Underline indicates changes or additions by amendment
<br />166
<br />900 E
<br />Sad filDMVA SIIHM
<br />
<br />172.g0 -19Z6gg YVA CZ:Z -1 11111 GO/LT/TT
|