Section 260.102.5 - Beneficial Ownership of SecuritiesFor the purpose of Subdivision (h) of Section 25102 of the Code:
(a) Securities held by a partnership or joint venture shall be considered to be owned beneficially by each of its partners or joint venturers and securities held by a trustee shall be considered to be owned beneficially by each of the beneficiaries, present, future, and contingent of the trust, provided, however, that a future or contingent beneficiary shall be disregarded if he or she is an ancestor, descendant or spouse of a present beneficiary, or a custodian or trustee for his or her account.(b) In determining the number of persons owning shares beneficially, the provisions of Subdivision (d) of Section 158 of the Code are not controlling and reference should be made to this rule and to Subdivision (h)(5) of Section 25102 of the Code.Cal. Code Regs. Tit. 10, § 260.102.5
1. Amendment filed 5-14-69; effective thirtieth day thereafter (Register 69, No. 20).
2. Amendment filed 5-15-78; effective thirtieth day thereafter (Register 78, No. 20).
3. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11). Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25102, Corporations Code.
1. Amendment filed 5-14-69; effective thirtieth day thereafter (Register 69, No. 20).
2. Amendment filed 5-15-78; effective thirtieth day thereafter (Register 78, No. 20).
3. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).