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Can you summarize 10 CACR Section 10.3475?
Post-Incorporation Solicitation and Acceptance of Pre-Opening Funds > Scope.
Short Summary
This subpart of the California Code of Regulations governs the solicitation and acceptance of pre-opening funds by subject institutions after incorporation. It does not apply to or affect any offer or sale of securities issued by the subject institution under authority of a permit or exemption from Financial Code Section 1201. The subpart also does not apply when pre-opening funds are exclusively provided by an organizer that is a bank, registered bank holding company, or a person required to become a registered bank holding company due to the establishment of the subject institution. It does not affect the Corporate Securities Law of 1968 or any regulations adopted pursuant to it. The authority for this subpart is cited as Section 326 of the Financial Code, with references to Sections 321, 326, and 334 of the Financial Code. No specific penalties are mentioned in this subpart.
Whom does it apply to?
Subject institutions
What does it govern?
Solicitation and acceptance by a subject institution, after incorporation, of pre-opening funds
What are exemptions?
Pre-opening funds provided exclusively by an organizer of the subject institution which is a bank, a registered bank holding company, or a person which will be required to become a registered bank holding company on account of the establishment of the subject institution
What are the Penalties?
No specific penalties mentioned
Jurisdiction
California