California Corporations Code

§ 25253

CORP § 25253 Effective Jan 1, 1999Div. 1 · Title 4 · Part 3 · Ch. 4

Statute text

(a)Whenever it appears to the commissioner that any of the conditions specified in subdivision (b) has occurred with respect to any broker-dealer or investment adviser subject to this division, the commissioner shall dispatch a written notice demanding remedial action and a summary of findings, as referred to in Section 25248, to the principal officer of that broker-dealer or investment adviser or to its manager of record.

(b)The conditions that require the commissioner to commence remedial action against a broker-dealer or investment adviser pursuant to subdivision (a) includes any of the following:

(1)The broker-dealer or investment adviser is in an insolvent condition.

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Legislative history

Added by Stats. 1998, Ch. 391, Sec. 9. Effective January 1, 1999.