§ 104.502. Consolidation or Merger of Two or More Associations.

Where two or more associations consolidate or merge, and any one of such associations has, prior to such consolidation or merger, received a permit from the commissioner to exercise trust powers which permit is in force at the time of the consolidation or merger, the rights existing under such permit pass to the resulting association, and the resulting association may exercise such trust powers in the same manner and to the same extent as the association to which such permit was originally issued; and no new application to continue to exercise such powers is necessary. However, when the name of the resulting association differs from that of the association to which the right to exercise trust powers was originally granted, the commissioner will issue a certificate to that association showing its right to exercise the trust powers theretofore granted to any of the associations participating in the consolidation or merger.

HISTORY

1. Change without regulatory effect renumbering former Section 245.3 to Section 104.502 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3, Article 5 (Section 103.500) and Subchapter 4, Article 5 (Section 104.500 et seq.); 23 (Section 245 et seq.); and Sections 5003 and 5501.5, Financial Code.