Section 2268.3 - Expenditure of Funds(a) Except as provided in subsection (b), no funds raised during the license period or extension thereof shall be expended for any purpose.(b) A licensee may expend funds raised during the license period or extension thereof to pay the cost of fund raising and the cost of obtaining an option to buy or lease land for a school site; provided, however, that such costs shall not exceed twenty percent (20%) of the funds raised during the license period or extension thereof.(c) In the event a licensee fails to raise at least $20,000 or fails to apply for a school license from the board, all funds raised shall be distributed as follows: (1) The costs of fund raising and the option to buy or lease land shall be deducted from the total funds raised; provided, however, that the total amount deducted shall under no circumstances exceed twenty percent (20%) of the total funds raised.(2) All funds remaining after the costs of fund raising and the option to buy or lease land have been deducted shall be repaid pro rata to each donor whose total donations exceed ten dollars ($10).Cal. Code Regs. Tit. 16, § 2268.3
1. Renumbering of Section 2269.3 to Section 2268.3 filed 12-12-80; effective thirtieth day thereafter (Register 80, No. 50). Note: Authority cited: Sections 7208 and 7210.6, Business and Professions Code. Reference: Section 7210.6, Business and Professions Code.
1. Renumbering of Section 2269.3 to Section 2268.3 filed 12-12-80; effective thirtieth day thereafter (Register 80, No. 50).