No company may have investment certificates outstanding with a person or related persons in an aggregate amount in excess of 20 percent of the unimpaired capital stock and surplus of the company not available for dividends as provided in Section 18319.
Cal. Fin. Code § 18317
Investment Certificates
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Amended by Stats. 1989, Ch. 663, Sec. 10
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.