Cal. Code Regs. tit. 10 § 260.100.2

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

Section 260.100.2 - Definition of "Life Income Contract."

The term "life income contract" as used in subdivision (k) of Section 25100 of the Code means an agreement between the issuer and a donor in consideration of a donation of property (which must be irrevocable) to such issuer (and only to such issuer) and providing for the payment to the donor or persons designated by him, for the life of the donor or such other persons, of a variable return measured or determined by the original value of the donated property and the return on designated assets (which may be other than the donated property).

Cal. Code Regs. Tit. 10, § 260.100.2

1. New section filed 7-13-70; effective thirtieth day thereafter (Register 70, No. 29).
2. Amendment filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
3. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25100(k), Corporations Code.

1. New section filed 7-13-70; effective thirtieth day thereafter (Register 70, No. 29).
2. Amendment filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
3. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).