Cal. Code Regs. tit. 10 § 310.113.1

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

Section 310.113.1 - Operation of Impound Condition

When an impound condition is imposed in connection with the registration of a franchise offering, one hundred percent of franchisee fees and all other funds paid by the franchisees or subfranchisors for any purpose shall within 48 hours of the receipt of such funds, be placed with the depositary. The funds will be held by the depositary until the Commissioner takes further action pursuant to Section 310.113.4 of these rules.

All checks shall be made payable to the depositary.

Cal. Code Regs. Tit. 10, § 310.113.1

1. Amendment filed 10-28-82; effective thirtieth day thereafter (Register 82, No. 44).

Note: Authority cited: Section 31502, Corporations Code. Reference: Section 31113, Corporations Code.

1. Amendment filed 10-28-82; effective thirtieth day thereafter (Register 82, No. 44).