- (a) This Subpart contains regulations relating to the solicitation and acceptance by a subject institution, after incorporation, of pre-opening funds.
- (b) Nothing in this Subpart shall apply to or affect any offer or 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 the proceeds of any such sale.
- (c) This Subpart does not apply in any case where pre-opening funds for a subject institution are provided exclusively by an organizer of such subject institution which is a bank, a registered bank holding company, or a person which will be required to become a registered bank holding company on account of the establishment of the subject institution.
- (d) Nothing in this Subpart shall affect the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000), Title 4 of Corporations Code) or any regulation adopted pursuant thereto.
Note: Authority cited: Section 326, Financial Code. Reference: Sections 321, 326 and 334, 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 subsection (b) and Note filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).