Cal. Code Regs. Tit. 10, § 260.140.137 - Shell Companies

Current through Register 2021 Notice, Register No. 40, October 1, 2021

An application to qualify securities for nonissuer transactions should show that the issuer's assets are productively employed in the operation of an on-going business. Ordinarily an issuer showing annual gross receipts from operations of not less than $500,000 will be deemed to meet this requirement.

Notes

Cal. Code Regs. Tit. 10, § 260.140.137

Note: Authority cited: Section 25610, Corporations Code. Reference: Sections 25131 and 25140, Corporations Code.

1. Editorial correction adding NOTE filed 3-9-83 (Register 83, No. 11).
2. Amendment filed 8-7-85; effective thirtieth day thereafter (Register 85, No. 32).

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