Current through Register 2024 Notice Reg. No. 52, December 27, 2024
(a)
In this Section, for a person to "take action to acquire control" of a licensee
means for the person to:
(1) Make a tender
offer for, a request or invitation for tenders of, or an offer to exchange
securities for, securities of the licensee or a parent of the licensee, if the
person would by consummation thereof acquire control of the licensee;
(2) Make an agreement (including an agreement
to merge a parent of the licensee or to purchase securities of the licensee or
of a parent of the licensee), if the person would by consummation thereof
acquire control of the licensee; or
(3) Acquire control of the
licensee.
(b) Whenever
any person takes action to acquire control of a licensee, such licensee shall,
within 10 business days, file with the Commissioner a report containing the
following information:
(1) Identify the
person.
(2) Describe the action
taken to acquire control of the licensee, including:
(A) Identify the party from whom the person
acquired or proposes to acquire control of the licensee.
(B) State the nature, amount, and source of
consideration paid or proposed to be paid for control of the licensee. Describe
the basis on which the person controls or proposes to control the licensee, and
state the percentage of voting securities of the licensee which the person owns
or proposes to own, directly or indirectly, of record or
beneficially.
(3) In case
the person participates or proposes to participate in the management or
operations of the licensee, describe such participation.
(4) Provide a copy of each of the last three
annual reports of the person to its shareholders, a copy of any interim report
issued by the person to its shareholders since the last annual report, and a
copy of the last proxy or information statement issued by the
person.
1.
Repealer of subsection (b)(5) 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).
Note: Authority cited: Section
33202,
Financial Code. Reference: Sections
33221 and
33902,
Financial Code.
