Cal. Code Regs. tit. 10 § 260.140.115.4

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

Section 260.140.115.4 - Expenditure of Net Proceeds

While the net proceeds of an offering are awaiting investment in real property, the net proceeds may be temporarily invested in short-term highly liquid investments where there is appropriate safety of principal, such as U.S. Treasury Bonds or Bills. Any proceeds of the offering of program interests not invested within the later of two years from the date of effectiveness of the qualification or one year after the termination of the offering, or, if permitted by the Commissioner, six months from the last scheduled mandatory deferred payment date (except for necessary operating capital) shall be distributed pro rata to the partners as a return of capital.

Cal. Code Regs. Tit. 10, § 260.140.115.4

1. Amendment 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. Amendment 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).