No licensee shall purchase all or substantially all of the business of any other person unless such purchase shall have first been approved by the commissioner.
Cal. Fin. Code § 31602
Merger and Purchase or Sale of Business
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Amended by Stats. 1996, Ch. 1064, Sec. 674
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.