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 9 - Real Estate Investment Trusts
Section 260.140.96 - Terms and Conditions of Securities
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The declaration of trust shall not permit the issuance by the trust of:
(a) Securities which are non-voting or assessable.
(b) Securities which are redeemable at the option of the holder.
(c) Warrants, options or similar evidences of a right to buy its securities, unless (1) issued to all of its security holders ratably, (ii) as part of a financing arrangement, or (iii) as part of a stock option plan to trustees, officers or employees of the trust which meets the conditions of Section 260.140.41 of those rules.
1. Renumbering and amendment of Section 260.140.96 to Section 260.140.94, and renumbering and amendment of former Section 260.140.99 to Section 260.140.96 filed 1-28-82; effective thirtieth day thereafter (Register 82, No. 5).
Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
