An application for an offering of debt securities by a church shall be accompanied by audited financial statements meeting the requirements of Rule 260.613, except that: (1) audited financial statements meeting the requirements of Rule260.613 may be filed for the church's last fiscal year only when audited financial statements for more than the last fiscal year are unavailable and unaudited financial statements for the two prior fiscal years are also filed; or (2) audited financial statements meeting the requirements of Rule 260.613 may be filed for the church's last two fiscal years only when audited financial statements for more than the last two fiscal years are unavailable and an unaudited financial statement for the prior fiscal year is also filed. The foregoing notwithstanding, this rule shall not diminish or otherwise restrict the Commissioner's discretion under Rule 260.613 to waive such requirements when appropriate such as the issuance of debt securities only to the members of the congregation of a church.

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140 and 25613, Corporations Code.

History

1. New section filed 2-8-89; operative 3-10-89 (Register 89, No. 8).