§ 823
84 words·~1 min read·
/ca/insurance-code/823A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A privilege pertaining to a security giving the holder the privilege to convert such security into another security of the same insurer is not a sale of such other security.
(b)A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.