If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application: (a) That the shareholdersâ equity of the purchaser will be adequate and that the financial condition of the purchaser will be satisfactory. (b) That the directors and executive officers of the purchaser will be satisfactory. (c) That the purchaser will afford reasonable promise of successful operation and that it is reasonable to believe that the purchaser will operate in a safe and sound manner and in compliance with all applicable laws. (d) That the sale will be fair, just, and equitable. For purposes of this subdivision, in the case of any term of the sale that has been determined by agreement between the seller and the purchaser in an armâs-length transaction, the commissioner shall find that the term is fair, just, and equitable to the seller and the purchaser. If the commissioner finds otherwise, the commissioner shall deny the application for approval of the sale.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.