1. (a) “Post-incorporation pre-opening funds account” means the deposit account called for in Section 10.3480 of this Chapter.
2. (b) “Pre-incorporation pre-opening funds account” means the deposit account called for in Section 10.3405 of this Chapter.
3. (c) “Pre-opening capital expenditures” means pre-opening expenditures which may be capitalized in conformity with generally accepted accounting principles and practices then applicable.
4. (d) “Pre-opening expenditure” has the meaning set forth for “preopening expenditure” in Financial Code Section 1040.
5. (e) “Pre-opening funds” means any money or other thing of value solicited or accepted by a proposed director, proposed officer, or organizer of a proposed subject institution or by a subject institution at any time before such subject institution commences business, for the purposes of paying the pre-opening expenditures of such subject institution. However, “pre-opening funds” does not include any proceeds from the sale by a subject institution, after incorporation, of any security issued by it under authority of a permit or of an exemption from Financial Code Section 1201 issued by the Commissioner or any income or gain derived from any such proceeds.
6. (f) “Pre-opening noncapital expenditure” has the meaning set forth for “preopening noncapital expenditure” in Financial Code Section 1040.
7. (g) “Proposed subject institution” means a subject institution which is proposed to be organized but which has not yet been incorporated.

In this Subarticle:

Note: Authority cited: Section 326, Financial Code. Reference: Section 1040, Financial Code.

History

1. Change without regulatory effect amending section and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

2. Change without regulatory effect amending subsections (d)-(f) and Note filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).