Ordinarily, a program may not acquire property in exchange for limited partnership interests. Such an exchange will be permitted if the property and specific terms of the transaction are identified in the prospectus and the property will be exchanged immediately upon effectiveness of the qualification. In addition, such exchange shall meet the following conditions:
Cal. Code Regs. Tit. 10, § 260.140.114.2
2. Amendment and new subsections (a)-(f) filed 5-18-92; operative 6-17-92 (Register 92, No. 22).
3. Editorial correction of HISTORY 2 (Register 95, No. 12).
4. Change without regulatory effect amending subsection (e) filed 9-25-2002 pursuant to section 100, title 1, California Code of Regulations (Register 2002, No. 39).
Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
2. Amendment and new subsections (a)-(f) filed 5-18-92; operative 6-17-92 (Register 92, No. 22).
3. Editorial correction of History2 (Register 95, No. 12).
4. Change without regulatory effect amending subsection (e) filed 9-25-2002 pursuant to section 100, title 1, California Code of Regulations (Register 2002, No. 39).