§ 18043 Industrial Loan Property Conveyance

This law says that when an industrial loan company sells real estate, it must use a special corporate document that has the company's seal and is signed by either the president or vice president and also by the secretary or assistant secretary.

Key Takeaways

•The sale document must have the corporation's official seal.
•It must be signed by the president or vice president.
•It also must be signed by the secretary or assistant secretary.

Example

An industrial loan company wants to sell a warehouse it owns to another business.

The company must prepare a deed that shows the company's official seal, and the deed must be signed by the president (or vice president) and also by the secretary (or assistant secretary) before the sale can be completed.

Real property held by an industrial loan company shall be conveyed by an instrument under the corporate seal of the corporation, signed by the president or vice president, and the secretary or assistant secretary. (Added by Stats. 1976, Ch. 964.)

Key Takeaways

•The sale document must have the corporation's official seal.
•It must be signed by the president or vice president.
•It also must be signed by the secretary or assistant secretary.

Example

An industrial loan company wants to sell a warehouse it owns to another business.

Key Takeaways

Example

Key Terms

References

§ 18043 Industrial Loan Property Conveyance

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References