California Government Code

§ 5951

GOV § 5951 Effective Sep 29, 1994Div. 6 · Title 1 · Ch. 13

Statute text

It is unlawful for any person to offer or sell in an issuer transaction in this state, or otherwise knowingly to offer or sell in this state, any security constituting a fractional interest in a lease, installment sale, or other obligation of a local agency without obtaining the prior written consent of that local agency to that offer or sale. However, this section shall not apply to any of the following:

(a)Any security that constitutes a fractional interest in a lease, installment sale, or other obligation of a local agency and that was first issued and sold prior to October 2, 1993.

(b)Offers or sales of shares or interests in any registered unit investment trust or management company, each as defined in the Investment Company Act of 1940.

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Legislative history

Added by Stats. 1994, Ch. 972, Sec. 3. Effective September 29, 1994.