Section 10.4451 - Plan of Conversion-Approval by Commissioner(a) No applicant shall submit a plan of conversion to its shareholders for their approval unless such plan of conversion shall have first been approved by the Commissioner.(b) An application to the Commissioner for his approval of a plan of conversion shall contain a copy of such plan of conversion, which shall set forth:(1) That the applicant shall be converted into a subject institution.(2) Proposed name of the subject institution.(3) Proposed articles of the subject institution.(4) That, at the time when the conversion becomes effective, specified issued and outstanding securities of the applicant shall be converted into specified securities of the subject institution.(5) That the conversion shall become effective at the time when the Commissioner issues to the subject institution a certificate of authority authorizing it to engage in commercial banking business, trust business, or both, as the case may be.(6) Manner of disposing of any shares of the subject institution not taken by dissenting shareholders of the applicant.Cal. Code Regs. Tit. 10, § 10.4451
1. Change without regulatory effect amending section heading and section and adding new NOTE filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34). Note: Authority cited: Section 4831, Financial Code. Reference: Section 4835, Financial Code.
1. Change without regulatory effect amending section heading and section and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).