Section 260.141.30 - Employment of Agents(a) An issuer shall not employ agents in connection with a distribution of securities subject to qualification under Section 25110 or 25120 of the Code unless it complies with the provisions of this subarticle.(b) No person may act as an agent for an issuer unless such person is (1) a licensed broker-dealer or (2) an individual who is an officer or employee of the issuer, and such individual has been named as an agent pursuant to Item 11 of Section 260.111(b), Item 10 of Section 260.112, Item 9 of Section 260.121.1(a) or Item 12 of Section 260.121.1(b). An amendment to the qualification must be filed in connection with the employment of a person as an agent who is not named in the application for qualification as stated above; however, no amendment is required upon the termination of employment of an agent.(c) Each such agent shall perform his duties for the issuer under the direct supervision of designated officer or other official of the applicant. Each agent shall be trained in the procedures required in connection with their activities (including the requirements for the delivery of the prospectus, offering circular, proxy statement or other disclosure document; the requirements as to suitability of purchasers, if any, and the taking of information in connection with such requirements; and the procedures required in connection with subscriptions and, if applicable, the impound of the proceeds of the offering).Cal. Code Regs. Tit. 10, § 260.141.30
1. New Article 3.5 (Sections 260.141.30 and 260.141.31) filed 11-29-79 as an emergency; designated effective 1-1-80. Certificate of Compliance included (Register 79, No. 48). Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25141, Corporations Code.
1. New Article 3.5 (Sections 260.141.30 and 260.141.31) filed 11-29-79 as an emergency; designated effective 1-1-80. Certificate of Compliance included (Register 79, No. 48).