Cal. Code Regs. Tit. 10, § 260.141.15 - Substitution of Commissioner as Escrow Holder
Current through Register 2022 Notice Reg. No. 16, April 25, 2022
An escrow holder may request that the Commissioner be substituted as escrow holder and, upon a showing of good cause such as the suspension of the corporate existence of the issuer for nonpayment of franchise fees, such substitution will be ordered without payment of the fees prescribed by Section 25608(k) of the Code. Upon issuance of an order substituting the Commissioner as escrow holder, the former escrow holder shall deliver all escrowed certificates to the Commissioner in accordance with his written instructions and shall furnish together therewith in duplicate a list of all certificates held in escrow setting forth the name of the issuer and showing the serial number or other identification of each certificate, the name of the security holder as it appears thereon, the number of shares or the fact amount and the class of securities evidenced thereby. One copy of such list will be returned to the former escrow holder as his receipt.
Note: Authority cited: Section 25610, Corporations Code.
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