§ 1047
44 words·~1 min read·
/ca/financial-code/1047A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.