California Code of Regulations
Title 10 - Investment
Chapter 2 - Savings and Loan Commissioner
Subchapter 3 - Applications and Hearings
Article 4 - Guarantee Stock
Section 103.400 - Permit Under Section 6450.4
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The Savings and Loan Commissioner will initiate appropriate proceedings under the provisions of California Financial Code Section 5554 with respect to any (a) sale, (b) offering, or (c) solicitation or taking of subscriptions for sales, involving 10% or more of the issued and outstanding guarantee stock of any association, unless:
(1) a permit authorizing the sale, offering or taking of subscriptions for the sale of the guarantee stock in question pursuant to the provisions of California Financial Code Section 6450.4 is duly issued, or
(2) a prior written determination is made by the Savings and Loan Commissioner that the sale, offering or solicitation or taking of subscriptions for such sale is not subject to the requirements of California Financial Code Section 6450.4. Said determination shall be made on the basis of a written application which shall include the names and addresses of each of the proposed legal and beneficial owners of the guarantee stock, a biographical description and references for each purchaser, and such additional information as the Commissioner may require.
1. Change without regulatory effect renumbering former Section 190 to Section 103.400 (Register 87, No. 14). For prior history, see Register 82, No. 29.
Note: Authority cited: Section 5255, Financial Code. Reference: Section 6450.4, Financial Code.
