The declaration of trust should provide that at least once a year, within 120 days after the close of its fiscal year, the trustees will distribute to each security holder an annual report relating to the prior fiscal year.

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

History

1. Repealer and renumbering and amendment of former Section 260.140.101 to Section 260.140.98 filed 1-28-82; effective thirtieth day thereafter (Register 82, No. 5).