Cal. Code Regs. Tit. 10, § 260.141.20 - Imposition of Impound Condition

Current through Register 2022 Notice Reg. No. 16, April 25, 2022

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.

Notes

Cal. Code Regs. Tit. 10, § 260.141.20

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