Cal. Code Regs. tit. 10 § 260.141.21
When an impound condition is imposed in connection with the sale of securities, the issuer may not issue any certificates or other evidences of securities, except subscription agreements, unless and until the impound condition has been satisfied and the impounds have been released to the issuer pursuant to an order of the Commissioner, as provided in Section 260.141.24 of these rules. All checks shall be made payable to the depositary or to a licensed broker-dealer acting as the selling agent.
One hundred percent of any amounts received from the sale of securities, including any amounts to be allowed as selling expenses, shall within 48 hours of the receipt be placed with the depositary until the Commissioner takes further action pursuant to Section 260.141.24 of these rules.
Cal. Code Regs. Tit. 10, § 260.141.21