California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 5 - Conditions of Qualification
Subarticle 3 - Impound Condition
Section 260.141.20 - Imposition of Impound Condition
Universal Citation: 10 CA Code of Regs 260.141.20
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
In a case where the offering of securities is not firmly underwritten, the Commissioner considers that the following conditions normally require the imposition of an impound condition:
(a) That a specific minimum amount of funds is necessary to finance the proposed undertaking as described in the application; and
(b) That it is inadvisable for the issuer to expend any of the proceeds from the sale of securities prior to receipt of such minimum amount.
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