§ 4949 Conversion Authorization Certificates

Financial Code·California

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Key Takeaways

•When a bank changes its type (like from a small bank to a big bank), the government gives it new papers to keep running.
•The new bank can keep all its old branches and offices open if it wants.
•The government makes sure the new bank is allowed to do business in the same places as the old one.

Example

Your local credit union becomes a big bank.

The government gives the new big bank the OK to keep all its old branches open so you can still use the same place to deposit money.

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

Official Source

View on CA.gov

§ 4949 Conversion Authorization Certificates

When a conversion becomes effective, the commissioner shall issue to the resulting depository corporation certificates of authority, licenses, or other appropriate authorizations for the branch offices, places of business, extensions of offices, and other facilities, if any, that the converting depository corporation was operating and that the resulting depository corporation is to continue to operate. (Amended by Stats. 1996, Ch. 1064, Sec. 541. Effective January 1, 1997. Operative July 1, 1997.)

Last verified: January 23, 2026

Key Terms

corporation commission license institution operative july authority

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 4949.

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Key Takeaways

Example

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Related Statutes

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