Cal. Code Regs. tit. 10 § 260.140.118.2

Current through Register 2024 Notice Reg. No. 25, June 21, 2024

Section 260.140.118.2 - Reserves

The program agreement shall provide that adequate reserves for normal repairs, replacements and contingencies be maintained by retention of a reasonable percentage of proceeds from the offering and regular receipts. Normally, not less than 3% of the proceeds of the offering will be considered adequate as an initial reserve fund.

Cal. Code Regs. Tit. 10, § 260.140.118.2

1. Renumbering and amendment of former section 260.140.118.2 to section 260.140.118.1; and renumbering and amendment of former section 260.140.118.3 to section 260.140.118.2 filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
2. Amendment filed 5-18-92; operative 6-17-92 (Register 92, No. 22).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.

1. Renumbering and amendment of former section 260.140.118.2 to section 260.140.118.1; and renumbering and amendment of former section 260.140.118.3 to section 260.140.118.2 filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
2. Amendment filed 5-18-92; operative 6-17-92 (Register 92, No. 22).