Cal. Code Regs. tit. 2, § 16003.2.1
A depository may effect a plus substitution of securities at any time; provided, however, that no agent of depository shall release a security from a security pool pursuant to such a substitution unless a duly authorized officer thereof first endorses upon or attaches to the documents of substitution a certification that the market value of the security added to such security pool equals or exceeds the market value of the security withdrawn from such security pool.