(a) Admission of participants to the program shall be subject to the following:
- (1) Admission of Original Participants. Upon the original sale of partnership units by the program, the purchasers should be admitted as limited partners not later than 15 days after the release from impound of the purchasers' funds to the program, and thereafter purchasers should be admitted into the program not later than the last day of the calendar month following the date their subscriptions were accepted by the program. Subscriptions shall be accepted or rejected by the program within 30 days of their receipt; if rejected, all subscription monies shall be returned to the subscriber forthwith.
- (2) Admission of Substituted Limited Partners and Recognition of Assignees. The program shall amend the certificate of limited partnership at least once each calendar quarter to effect the substitution of substituted limited partners, although the sponsor may elect to do so more frequently. In the case of assignments, where the assignee does not become a substituted limited partner, the program shall recognize the assignment not later than the last day of the calendar month following receipt of notice of assignment and required documentation.
Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
History
1. Editorial correction adding Note filed 11-8-82 (Register 82, No. 46).