Cal. Code Regs. tit. 10 § 10.19901

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 10.19901 - Approval of Application for Acquisition of Own Securities by Bank or Trust Company

As an administrative standard, the Commissioner shall consider all of the following factors in processing an application for acquisition by a bank or trust company of its own shares:

(a) The acquisition by the bank or trust company of its own shares would not materially impair the financial condition of the applicant, particularly its capital adequacy, and the safety and soundness of the institution.

(b) The proposed acquisition complies with the provisions of Financial Code Sections 1132, 1133, and 1134.

(c) The applicant has confirmed that all material information has been disclosed in the application.

(d) An opinion of an attorney at law that the acquisition will comply with applicable securities laws and applicable provisions of the Financial Code.

Cal. Code Regs. Tit. 10, § 10.19901

1. New section filed 4-29-2008; operative 5-29-2008 (Register 2008, No. 18).
2. Change without regulatory effect amending subsection (b) and NOTE filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).

Note: Authority cited: Section 326, Financial Code. Reference: Sections 1132, 1133, 1134 and 1331, Financial Code.

1. New section filed 4-29-2008; operative 5-29-2008 (Register 2008, No. 18).
2. Change without regulatory effect amending subsection (b) and Note filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).