California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 2 - Corporate Securities › Article 5 - Conditions of Qualification › Subarticle 2 - Conditions Restricting Transfer of Other Securities › Section 260.141.13 - Release of Outstanding Escrows

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All previous permits issued by the
					 Commissioner under the California Corporate Securities Law as it existed prior
					 to January 2, 1969, requiring the escrow of securities (other than promotional
					 shares subject to waivers of assets or dividends and other than shares issued
					 by corporations licensed under the Escrow Law, Sections
					 17000 and following, California
					 Financial Code) shall be deemed amended to delete the escrow condition and to
					 substitute therefor a legend condition restricting the transfer of such
					 securities pursuant to Section
					 260.141.11 of these rules and
					 subject to the qualifications and exceptions contained in that section of these
					 rules, as to any or all such securities (other than promotional shares subject
					 to waiver of assets or dividends and other than shares issued by corporations
					 licensed under the Escrow Law, Sections
					 17000 and following, California
					 Financial Code), upon the escrow holder holding the certificates representing
					 the same stamping or printing prominently on their face a legend in the form
					 prescribed by Section
					 260.141.11 of these rules. The
					 escrow holder may take this action at his own election and must take said
					 action upon the written request of any or all of the record owners of such
					 securities. The escrow holder is hereby authorized to release certificates so
					 legended to the record owners thereof, and is required to release certificates
					 to any record owner upon whose written request they have been legended, or who
					 makes a written request to the escrow holder for delivery of certificates which
					 have been legended at the election of the escrow holder. Upon such release of
					 certificates to the record owner, the escrow holder shall also deliver to the
					 record owner a copy of Section
					 260.141.11 of these rules.
Any such escrow holder releasing securities from escrow
						pursuant to this section must within one month thereafter notify the
						Commissioner of such action.
(b) The notice referred to in Subsection (a)
					 shall be in the following form, on which shall be printed a copy of Subsection
					 (a):
TO THE COMMISSIONER OF CORPORATIONS OF THE STATE OF
						CALIFORNIA
Notice of Release of Securities from
					 Escrow
Pursuant to Section
						260.141.13 of the rules of the
						Commissioner of Corporations, you are hereby notified that the securities
						formerly held by the undersigned in escrow pursuant to a permit issued, to
						__________, dated__________, 19___ (File No.__________), have been released
						from escrow and delivered to the following persons who are the record owners
						thereof:
___________________________
dated______________________________, 19___ (File
						No.____________________), have been released from escrow and delivered to the
						following persons who are the record owners thereof:
___________________________
___________________________
___________________________
___________________________
All such certificates delivered to such record owners
						contained the legend required by Section
						260.141.11 of the Commissioner's
						rules. A copy of Section
						260.141.11 of the Commissioner's
						rules has been delivered to each record owner of the securities.
The undersigned has duly caused this notice to be
						executed on its behalf by the person signing the same, who was duly authorized
						to do so.
______________________________
By ____________________________
______________________________
(Title)
I certify (or declare) under penalty of perjury under the
						laws of the State of California that I have read this notice and know the
						contents thereof, and that the statements therein are true and correct.
Executed at__________, on__________, 19__________,
______________________________
(Signature)
1.
						Amendment filed 1-4-77; effective thirtieth day thereafter (Register 77, No.
						2). For prior history, see Register 75, No. 14.
2. Amendment refiled
						1-7-77; effective thirtieth day thereafter (Register 77, No. 2).
3.
						Amendment filed 6-12-80; effective thirtieth day thereafter (Register 80, No.
						24).
4. Amendment filed 2-11-85; effective thirtieth day thereafter
						(Register 85, No. 7).
Note: Authority cited: Section
						  25610,
						  Corporations Code. Reference: Section
						  25141,
						  Corporations Code.