A promoter may be reimbursed for actual and necessary expenses paid to found a business and offer its securities. Selling expenses are subject to the limitation contained in Section 260.140.20 of these rules, however.

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

History

1. Amendment filed 5-3-83; effective thirtieth day thereafter (Register 83, No. 19).