Section 260.102.1 - Non-Public Offering Under Subdivision (a) of Section 25102(a) For the purposes of subdivision (a) of Section 25102 of the Code, no public offering is involved in an offer made to not more than 35 persons. The number of offerees referred to above is exclusive of the following: (1) Those persons described in Section 25102(i) of the Code and Sections 260.102.10 and 260.105.14 of these rules.(2) Officers, directors and affiliates of the issuer and those persons described in Section 260.102.13, subject to the definitions and limitations contained in Sections 260.102.12 and 260.102.13.(3) For the purposes of this section, a husband and wife (together with any custodian or trustee acting for the account of their minor children) are counted as one person and a partnership, corporation or other organization which was not specifically formed for the purpose of purchasing the security offered in reliance upon this exemption, is counted as one person.(b) This section does not create any presumption that a public offering is involved in offers made to more than 35 persons and the determination of whether or not a transaction not covered by this section involves a public offering shall be made without reference to this section.Cal. Code Regs. Tit. 10, § 260.102.1
1. Amendment filed 7-13-70; effective thirtieth day thereafter (Register 70, No. 29).
2. Amendment filed 10-20-83; effective thirtieth day thereafter (Register 83, No. 43). Note: Authority cited: Sections 25105 and 25610, Corporations Code. Reference: Sections 25102 and 25105, Corporations Code.
1. Amendment filed 7-13-70; effective thirtieth day thereafter (Register 70, No. 29).
2. Amendment filed 10-20-83; effective thirtieth day thereafter (Register 83, No. 43).