Financial Code section 1047

It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions or selling shares or, except with the prior approval of the commissioner, to the payment of preopening noncapital expenditures.

Source: Section 1047, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=1047. (accessed Apr. 24, 2025).

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Last Updated

Apr. 24, 2025

§ 1047’s source at ca.gov

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Location: https://california.public.law/codes/financial_code_section_1047

Original Source: Section 1047, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=1047. (last accessed Apr. 24, 2025).