A non-specified property program shall provide for minimum gross proceeds from the offering of not less than $1,000,000 after payment of all organizational and offering expenses before it may commence business.

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 inserting “Non-specified property programs” subheading (Register 92, No. 34).