Sec. 10.3403 - Application for Approval

ยง 10.3403. Application for Approval

An application by a proposed director, proposed officer, or organizer of a proposed subject institution for approval to solicit and accept pre-opening funds for such proposed subject institution shall contain:

(a) Name of the proposed subject institution.

(b) Address or vicinity of the proposed head office of the proposed subject institution.

(c) Name, address, business or occupation, and proposed title of each of the proposed directors, proposed officers, and organizers of the proposed subject institution.

(d) Amount of pre-opening funds to be solicited and accepted.

(e) Description of the terms and conditions under which pre-opening funds are to be solicited and accepted.

(f) Description of the manner in which pre-opening funds are to be solicited and accepted.

(g) Description of the persons from whom pre-opening funds are to be solicited and accepted, including:

(1) In case pre-opening funds are to be solicited and accepted from specified persons, the name, address, and business or occupation of each such specified person.

(2) In case pre-opening funds are to be solicited and accepted from a specified class of persons, a description of such specified class and the approximate number of persons in the specified class.

(h) Opinion of an attorney at law that the solicitation and acceptance of pre-opening funds will not contravene either (1) the Corporate securities Law of 1968 or any regulation adopted pursuant thereto or (2) the Securities Act of 1933 (15 U.S.C. Sections 77a - 77aa) or any regulation adopted pursuant thereto.

(1. Repealer of subsection (g)(3) and new Note filed 4-7-97; operative 4-7-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15). 2. Repealer of subsections (h)-(i), subsection relettering, and amendment of Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).)

Note: Authority cited: Section 215, Financial Code. Reference: Section 350, Financial Code.

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