California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 4 - Standards for the Exercise of the Commissioner's Authority
Subarticle 10 - Real Estate Programs
Fees-Compensation-Expenses
Section 260.140.113.6 - Other Program Management Fees
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A general partner of a program owning unimproved land shall be entitled to annual compensation not exceeding 1/4 of 1% of the cost of such unimproved land for operating the program until such time as the land is sold or improvement of the land commences by the limited partnership. In no event shall this fee exceed a cumulative total of 2% of the original cost of the land regardless of the number of years held.
(b) A general partner of a program holding property in government subsidized projects shall be entitled to annual compensation not exceeding 1/2 of 1% of the cost of such property for operating the program until such time as the property is sold, provided the aggregate of all compensation received is consistent with the maximum allowed for nonsubsidized programs.
(c) Program management fees other than as set forth above shall be prohibited.
1.
Amendment filed 3-12-74; effective thirtieth day thereafter (Register 74, No.
11).
2. Amendment filed 1-27-84; effective thirtieth day thereafter
(Register 84, No. 4).
3. Renumbering of former section
260.140.113.6 to section
260.140.113.7 and renumbering of
former section
260.140.113.5 to section
260.140.113.6 filed 5-18-92;
operative 6-17-92 (Register 92, No. 22).
Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
