Cal. Code Regs. tit. 10 § 260.141.13

Current through Register 2024 Notice Reg. No. 36, September 6, 2024

Section 260.141.13 - Release of Outstanding Escrows

(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)

Cal. Code Regs. Tit. 10, § 260.141.13

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.