Cal. Code Regs. tit. 10 § 2612.01
Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Applications for permits to issue contribution certificates are customarily granted authorizing sale of such certificates to financially interested parties under conditions requiring emergency financing. Contribution certificates only evidence a contingent promise to repay; they are not regarded as a commercially salable security.
Such form of evidence of contribution (not an "evidence of debt" in the sense commonly understood) will not ordinarily be authorized in denominations of less than $5,000 and their sale to the general public will not be permitted. (Secs. 839(a) and (c), 843)
Cal. Code Regs. Tit. 10, § 2612.01