Cal. Code Regs. Tit. 10, § 260.141.22 - Subscription Agreements and Purchase Receipts

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

(a) When an impound condition is imposed, the issuer shall deliver to each subscriber a subscription agreement in a form approved by the Commissioner. The subscription agreement shall set forth, at least,
(1) the complete names and addresses of the issuer and the subscriber;
(2) the complete name of the agent of the issuer or broker receiving the payment;
(3) the number of securities purchased and the total purchase price;
(4) the amount of the payment received;
(5) the complete name and address of the depositary with whom the payment will be placed; and
(6) the date of the payment. In addition, the subscription agreement should contain the following statement: "This subscription is made pursuant to, and is subject to, the terms and conditions of the qualification approved by the Commissioner of Corporations of the State of California for (name of issuer) under date of (date of qualification)." Subscription agreements shall be consecutively numbered and prepared in quadruplicate and the original given to the subscriber, the first copy to the depositary together with the payment received, the second copy to the issuer, and the third copy shall be retained by the broker, if any, unless the Commissioner approves another form of subscription agreement. For example, the Commissioner may require that the subscription agreements be press-numbered.
(b) If securities are to be paid for in installments, each subscriber shall be given a receipt, in a form satisfactory to the Commissioner, for each installment payment made subsequent to the first payment. Such receipt shall set forth, at least,
(1) the date of the payment;
(2) the amount of such payment; and
(3) a reference to the number of the subscription agreement to which payment relates.

Notes

Cal. Code Regs. Tit. 10, § 260.141.22

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25141, Corporations Code.

1. Amendment filed 6-12-80; effective thirtieth day thereafter (Register 80, No. 24).

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