California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 1 - Definitions
Section 260.019.2 - Non-Business Trusts

A voluntary inter vivos trust is not "created for the purpose of carrying on any business" within the meaning of Section 25019 of the Code, merely because the trustee invests and reinvests the assets of the trust in passive investments, provided a primary purpose of the trust evidences an intent to presently or ultimately benefit one or more specified eleemosynary organizations.

1. New section filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
2. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25019, Corporations Code.