No offering shall be approved by the Commissioner if the minimum subscriptions necessary to activate the program are less than $500,000. Additionally, in those instances where it appears unlikely that the stated objectives of the program can be achieved with the minimum subscriptions, the Commissioner may require a greater amount or a reduction of the stated objectives of the program.

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).