Cal. Code Regs. Tit. 10, § 260.141.25 - Failure to Comply with Impound Condition

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

(a) If the specified amount of impounds has not been obtained as of the date specified in the impound condition, or upon the earlier issuance of a stop order or order suspending or revoking the permit, the Commissioner will issue an order directing the depositary to return to each subscriber the amount of impounds which corresponds to each such subscriber's payments.
(b) In unusual cases an extension of time may be granted upon application. Such an application should be filed as an amendment in accordance with Section 260.110.4 of these rules and should include a statement from the issuer setting forth the reasons why the amount specified in the impound condition has not been obtained and the reasons leading the issuer to believe that the specified amount can be obtained if the impound is extended. In the event of any extension, the Commissioner shall direct the issuer to give each subscriber notice of the extension and by separate order shall authorize the depositary to release to any subscriber, who within thirty (30) days from the date the notice is distributed makes a demand therefor to the Commissioner, the amount of impounds which corresponds to such subscriber's purchase payments. A copy of such notice should accompany the application.

Notes

Cal. Code Regs. Tit. 10, § 260.141.25

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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