Fin. Code, § 5614 · Article 3. Postincorporation Organization of Associations
Fin. Code, § 5614
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall be sold or offered for sale to the public, nor shall subscriptions be solicited or taken for those sales, until the association or the selling stockholders have applied for and obtained from the commissioner a permit authorizing the sale of the capital stock.
(b) Subdivision (a) shall not apply to any of the following:
(1) An offering involving less than 10 percent of the issued and outstanding capital stock of an association and less than five hundred thousand dollars ($500,000).
(2) An offering made under a registration statement filed under the Securities Act of 1933.
(3) Any offering exempted by regulation, instruction, or order issued in writing by the commissioner.
Notes and commentary — not statutory text
History
Amended by Stats. 1987, Ch. 730, Sec. 4.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=5614.
- Text hash
- sha256 75b2a05447cd7c6ddf85161d46d138105986d8a1be01736d439716effd16d536
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
Provisions in this library whose text cites Fin. Code, § 5614. Each shows the citation as that text prints it.
Financial Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.