§ 4853 State Depository Corporation Exemption

• •If a California state depository corporation buys something, certain rules don't apply to its shareholders.
• •This law is about making things easier for these special corporations when they buy stuff.
• •The rules that don't apply are from Chapter 13 of the Corporations Code.

A bank that is a California state depository buys another company.

Normally, there are rules to protect shareholders when a company buys another. But for this special kind of bank, those rules don't apply to its shareholders.