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Section 823 Of Article 8. Issue Of Securities From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 8.
823
. (a) A privilege pertaining to a security giving the holder the
privilege to convert such security into another security of the same
insurer is not a sale of such other security.
(b) A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.
(b) A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.
