California Government Code 5950 – As used in this chapter:(a) “Accredited investor” has the …
As used in this chapter:
(a) “Accredited investor” has the meaning specified in Rule 501 of the Securities Act of 1933.
Terms Used In California Government Code 5950
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: includes city and county. See California Government Code 19
- Issuer: has the meaning specified in §. See California Government Code 5950
- Issuer transaction: means any transaction directly or indirectly for the benefit of the issuer. See California Government Code 5950
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Local agency: means a city, county, city and county, school district, special district, public corporation, or other public entity of this state. See California Government Code 5950
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: has the meaning specified in §. See California Government Code 5950
- Security: has the meaning specified in §. See California Government Code 5950
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(b) “In this state” has the meaning specified in § 25008 of the Corporations Code.
(c) “Issuer” has the meaning specified in § 25010 of the Corporations Code.
(d) “Issuer transaction” means any transaction directly or indirectly for the benefit of the issuer. A transaction is indirectly for the benefit of the issuer if any portion of the purchase price of any security constituting a fractional interest in a lease, installment sale, or other obligation of a local agency involved in the transaction will be received indirectly by the issuer. An offer or sale that involves both an issuer transaction and a transaction that is not an issuer transaction shall be treated as separate transactions.
(e) “Knowingly” means that a person, with respect to an offer or sale of a security constituting a fractional interest in a lease, installment sale, or other obligation of a local agency, does any of the following:
(1) Has actual knowledge that the local agency has not consented to the offer or sale of such security.
(2) Acts in deliberate ignorance of whether or not the local agency has consented to the offer or sale of that security.
(3) Acts in reckless disregard of whether or not the local agency has consented to the offer or sale of that security.
Proof of specific intent to violate Section 5951 is not required.
(f) “Local agency” means a city, county, city and county, school district, special district, public corporation, or other public entity of this state.
(g) “Person” has the meaning specified in § 25013 of the Corporations Code.
(h) “Qualified institutional buyer” has the meaning specified in Rule 144A of the Securities Act of 1933.
(i) “Sale,” “sell,” “offer,” and “offer to sell” have the respective meanings specified in § 25017 of the Corporations Code.
(j) “Security” has the meaning specified in § 25019 of the Corporations Code.
(k) “Securities Act of 1933” and “Investment Company Act of 1940” means the federal statutes of those names as amended before or after the effective date of this chapter.
(Added by Stats. 1994, Ch. 972, Sec. 3. Effective September 29, 1994.)