SECTIONS 28950-28958 - California Statutes

CORPORATIONS CODE

SECTION 28950-28958

28950. No provision of this division imposing any liability applies
to any act done or omitted in good faith in conformity with any
rule, form, permit, order, or written interpretive opinion of the
commissioner, or any written interpretive opinion of the Attorney
General, notwithstanding that the rule, form, permit, order, or
written interpretive opinion may later be amended or rescinded or be
determined by judicial or other authority to be invalid for any
reason.

28951. (a) The commissioner may from time to time make, amend, and
rescind the rules, forms, and orders that are necessary to carry out
this law, and define any terms, whether or not used in this law,
insofar as the definitions are not inconsistent with this law. For
the purpose of rules, the commissioner may, among other things,
classify persons within the commissioner's jurisdiction and may
prescribe different requirements for different classes. The
commissioner may, in the commissioner's discretion, waive any
requirement of any rule or form in situations where in his or her
opinion the requirement is not necessary in the public interest.
(b) The commissioner may, by regulation or order, either
unconditionally or upon specified terms and conditions or for
specified periods, exempt from the provisions of this division any
person or transaction or class of persons or transactions, if the
commissioner finds that action to be in the public interest and that
the regulation of those persons or transactions is not necessary for
the purposes of this division.

28952. The commissioner may honor requests from interested persons
for interpretive opinions.

28953. In any proceeding under this law, the burden of proving an
exemption or an exception from a definition is upon the person
claiming it.

28954. Every final order, decision, license, or other official act
of the commissioner is subject to judicial review in accordance with
law.

28955. Nothing in this law, shall impair, derogate, or otherwise
affect the authority or powers of the commissioner under the
Corporate Securities Law of 1968 (Part 3 (commencing with Section
25000)) or the application of any provision thereof to any person or
transaction subject thereto.

28956. If any provision of this division , or the application
thereof to any person or circumstance, is held invalid, the
invalidity shall not affect other provisions or applications of this
law that can be given effect without the invalid provision or
application, and to this end the provisions of this division are
declared to be severable.

28957. Neither the commissioner nor any employee of the
commissioner shall use any information which is filed with or
obtained by the commissioner which is not public information for
personal gain or benefit, nor shall the commissioner nor any employee
of the commissioner engage in any securities transaction based on
that information, even though public, if there has not been a
sufficient period of time for the securities or commodity markets to
assimilate that information.

28958. (a) The program established by this division shall be
supported from funds appropriated by the Legislature from the State
Corporations Fund.
(b) The funds appropriated from the State Corporations Fund and
made available for expenditure under subdivision (a) of this section
shall come from fees collected under Section 28110, penalties
collected under Sections 28880 and 28900, and securities application
filing fees collected under subdivisions (e), (f), (h), and (i) of
Section 25608 and notice filing fees collected under subdivision (a)
of Section 25608.1.