§ 4268. Shares: Ownership and Transfer.
16 CA ADC § 4268Barclays Official California Code of Regulations
16 CCR § 4268
§ 4268. Shares: Ownership and Transfer.
(b) Where there are two or more shareholders in a corporation and one of its shareholders dies, or becomes a disqualified person as defined in Section 13401(e) of the Corporations Code, for a period exceeding ninety (90) days, his or her shares shall be sold and transferred to a licensed person or to the issuing corporation, on such terms as are agreed upon. Such sale or transfer shall not be later than six (6) months after any such death and not later than ninety (90) days after the date the shareholder became a disqualified person.
Credits
Note: Authority cited: Sections 3622 and 3675, Business and Professions Code. Reference: Sections 3673 and 3675, Business and Professions Code; and Sections 13401 and 13401.5, Corporations Code.
History
1. New section filed 11-8-2004 as an emergency; operative 11-8-2004 (Register 2004, No. 46). A Certificate of Compliance must be transmitted to OAL by 3-8-2005 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 3-8-2005 as an emergency; operative 3-8-2005 (Register 2005, No. 10). A Certificate of Compliance must be transmitted to OAL by 7-6-2005 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 3-8-2005 order transmitted to OAL 7-5-2005 and filed 8-16-2005 (Register 2005, No. 33).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 16, § 4268, 16 CA ADC § 4268
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