California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 4 - Insurer Securities Permits
Article 12 - Contribution Certificates
Section 2612.01 - In General

Applications for permits to issue contribution certificates are customarily granted authorizing sale of such certificates to financially interested parties under conditions requiring emergency financing. Contribution certificates only evidence a contingent promise to repay; they are not regarded as a commercially salable security.

Such form of evidence of contribution (not an "evidence of debt" in the sense commonly understood) will not ordinarily be authorized in denominations of less than $5,000 and their sale to the general public will not be permitted. (Secs. 839(a) and (c), 843)