Cal. Code Regs. tit. 10 § 260.103.5

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

Section 260.103.5 - Legend or Escrow of Stock Dividend Shares or Split Shares

Any certificate representing shares issued in a stock dividend or upon a stock split or reverse stock split which are exempted from qualification by subdivision (f) of Section 25017 or subdivision (f) of Section 25103 of the Code with respect to shares subject to a legend or escrow condition (under this law or any prior law) shall either have the same legend stamped thereon as was required with respect to the previous shares or shall be deposited in escrow in addition to or in substitution for the previous shares held in escrow. Any escrow holder is hereby authorized to accept any such dividend shares or to surrender the previous shares and accept in lieu thereof the split shares upon receipt of an opinion of counsel to the effect that the dividend shares have been validly issued or the split shares have been validly substituted for such previous shares in a transaction pursuant to one of said exemptions.

Cal. Code Regs. Tit. 10, § 260.103.5

1. Editorial correction adding NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 25610, Corporations Code. Reference: Sections 25017, 25103 and 25141, Corporations Code.

1. Editorial correction adding NOTE filed 3-9-83 (Register 83, No. 11).