1. (a) The manager of a pre-incorporation pre-opening funds account shall keep and maintain records containing:

   1. (1) With respect to each deposit to the account:

      1. (A) Date of deposit.
      2. (B) Amount of money deposited.
      3. (C) Name of person from whom such money was accepted.

   2. (2) With respect to each withdrawal from the account:

      1. (A) Date of withdrawal.
      2. (B) Amount of money withdrawn.
      3. (C) Name of person to whom such money was paid.
      4. (D) Description of purpose of such payment.
      5. (E) Any invoice or billing relating to such payment.
   3. (3) Copy of each agreement with person from whom money is accepted, including each agreement called for in Section 10.3402(a)(3) of this Chapter, if applicable.
   4. (4) Copies of all documents used in connection with the solicitation or acceptance of pre-incorporation pre-opening funds.
2. (b) The manager of a pre-incorporation pre-opening funds account shall preserve the records called for in Subdivision (a) of this Section for a period of not less than four years after such account is closed.
3. (c) The manager of a pre-incorporation pre-opening funds account for a proposed subject institution shall, upon request, make the records called for in Subdivision (a) of this Section available for inspection and copying by the Commissioner, any proposed director, proposed officer, or organizer of such proposed subject institution, any person from whom pre-opening funds for the proposed subject institution have been accepted, and the subject institution, if and when incorporated.

Note: Authority cited: Section 215, Financial Code. Reference: Section 350, 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. New subsection (a)(4) and amendment of Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).