1. (a) As an administrative standard, if the Commissioner finds that the proposed offer or sale by a proposed director, proposed officer, or organizer of a proposed subject institution of securities to be issued by such subject institution or of rights or options to subscribe for or purchase such securities is fair, just, and equitable, he will grant an application for a permit authorizing such offer or sale, such permit; if the Commissioner finds otherwise, he will deny the application.
2. (b) As an administrative standard, the Commissioner generally will not grant an application for a permit authorizing an unrestricted public offer or unrestricted public sale by a proposed director, proposed officer, or organizer of a proposed subject institution of securities to be issued by such subject institution or of rights or options to subscribe for or purchase such securities.
3. (c) As an administrative standard, the Commissioner generally will grant an application for a permit authorizing the offer (but not the sale) by a proposed director, proposed officer, or organizer of a proposed subject institution of securities to be issued by such subject institution, provided that such offer is limited to soliciting, in the proposed service area of the subject institution or among an appropriate class of persons, nonbinding indications of interest in subscribing for such securities.

Note: Authority cited: Section 215, Financial Code. Reference: Section 693, 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).