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HomeFinancial CodeDiv. 1.6Ch. 3Art. 2§ 4850 State Depository Share Approval

§ 4850 State Depository Share Approval

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 4850 State Depository Share Approval

Key Takeaways

  • •This rule is about banks in California that are owned by the state.
  • •If the bank wants to sell or buy something big, it needs permission from its board.
  • •The board can say 'yes' before or after the bank gets other needed approvals.

Example

A state-owned bank in California wants to buy another bank.

The bank’s board can approve the purchase either before or after getting other required permissions. It’s flexible.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 4850 State Depository Share Approval

In the case of a seller or purchaser which is a California state depository corporation, any approval of the outstanding shares of the corporation required by Section 4848 or 4849 may be given before or after the approval of the board of the corporation. (Amended by Stats. 1995, Ch. 480, Sec. 135. Effective October 2, 1995.)

Last verified: January 23, 2026

Key Terms

corporationshareholdereffective octoberinstitution

Related Statutes

  • § 4848 Sale Agreement Approval Rules
  • § 4852 Abandoning Corporate Sales
  • § 4853 State Depository Corporation Exemption
  • § 4879.06 State Depository Corporation Approval
  • § 4849 Amending Sales Agreements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 4850.
View Official Source