After the certified copy of the articles of a subject institution has been filed with the Commissioner, such subject institution shall file with the Commissioner an application for a permit authorizing it to sell securities in exchange for specified issued and outstanding securities of the applicant upon conversion of the applicant into the subject institution.

Note: Authority cited: Section 4831, Financial Code. Reference: Section 692 and Article 2, Chapter 5, Division 1.5, Financial Code.

History

1. Amendment of section and new Note filed 4-7-97; operative 4-7-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15).

2. Change without regulatory effect amending section filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).