The partnership agreement or charter document should include a recital in reasonable detail of the policies and objectives to be followed by the program. This will include a statement of the extent to which the program intends to engage in acquiring producing properties, acquiring or drilling on unproven or unexplored properties or acquiring or drilling on proven or semiproven properties.

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).