California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 10 - Banks
Article 6 - California State Offices of Foreign (Other Nation) Banks
Subarticle 3 - Agencies and Branch Offices
Part 10 - Deposit of Eligible Assets
Subpart 2 - Approval of Approved Depository
Section 10.16029 - Termination
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Except as otherwise provided in Section 10.16030 of this Chapter, no approved depository of a subject institution shall cease to act as the approved depository of such subject institution, nor shall any subject institution terminate its approved depository, unless another California bank shall have qualified to act as the successor approved depository of the subject institution.
(b) No provision of this Part (other than the provisions of Subdivision (a) of this Section) shall be deemed to prohibit the approved depository of a subject institution from ceasing to act as the approved depository of such subject institution or to prohibit a subject institution from terminating its approved depository.
1. New subsection (b) filed 3-12-82; effective thirtieth day thereafter (Register 82, No. 11).
Note: Authority cited: Section 215, Financial Code. Reference: Section 1761, Financial Code.
