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Section 5614 Of Article 3. Postincorporation Organization Of Associations From California Financial Code >> Division 2. >> Chapter 2. >> Article 3.
5614
. (a) Except as provided in subdivision (b), no issued and
outstanding stock of an association shall be sold or offered for sale
to the public, nor shall subscriptions be solicited or taken for
those sales, until the association or the selling stockholders have
applied for and obtained from the commissioner a permit authorizing
the sale of the capital stock.
(b) Subdivision (a) shall not apply to any of the following:
(1) An offering involving less than 10 percent of the issued and outstanding capital stock of an association and less than five hundred thousand dollars ($500,000).
(2) An offering made under a registration statement filed under the Securities Act of 1933.
(3) Any offering exempted by regulation, instruction, or order issued in writing by the commissioner.
(b) Subdivision (a) shall not apply to any of the following:
(1) An offering involving less than 10 percent of the issued and outstanding capital stock of an association and less than five hundred thousand dollars ($500,000).
(2) An offering made under a registration statement filed under the Securities Act of 1933.
(3) Any offering exempted by regulation, instruction, or order issued in writing by the commissioner.
