California Registration Requirements

California's Corporate Securities Law of 1968, Sections 2500 et seq. of the California Corporations Code, requires qualification of all securities offered or sold, absent an applicable exemption.

Section 25100 provides as follows:

25110.  It is unlawful for any person to offer or sell in this state
any security in an issuer transaction (other than in a transaction
subject to Section 25120), whether or not by or through underwriters,
unless such sale has been qualified under Section 25111, 25112 or
25113 (and no order under Section 25140 or subdivision (a) of Section
25143 is in effect with respect to such qualification) or unless
such security or transaction is exempted or not subject to
qualification under Chapter 1 (commencing with Section 25100) of this
part. The offer or sale of such a security in a manner that varies
or differs from, exceeds the scope of, or fails to conform with
either a material term or material condition of qualification of the
offering as set forth in the permit or qualification order, or a
material representation as to the manner of offering which is set
forth in the application for qualification, shall be an unqualified
offer or sale.

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