All organization and offering expenses incurred in connection with the sale of program interests shall not exceed 15% of aggregate capital contributions. The percentage limitation shall be applied only to the portion of aggregate capital contributions when and as paid to the program. For purposes of this Section, capital contributions shall include mandatory deferred payments only as such amounts are paid to the program.

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.

History

1. Amendment filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).

2. Amendment filed 5-18-92; operative 6-17-92 (Register 92, No. 22).

3. Editorial correction (Register 95, No. 48).