Cal. Code Regs. tit. 10 § 260.019.2

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 260.019.2 - Non-Business Trusts

A voluntary inter vivos trust is not "created for the purpose of carrying on any business" within the meaning of Section 25019 of the Code, merely because the trustee invests and reinvests the assets of the trust in passive investments, provided a primary purpose of the trust evidences an intent to presently or ultimately benefit one or more specified eleemosynary organizations.

Cal. Code Regs. Tit. 10, § 260.019.2

1. New section filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
2. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25019, Corporations Code.

1. New section filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
2. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).