Just What Is An Initial Transaction Statement?

When shares of a California corporation are subject to a restriction on transfer or other specified conditions, Section 418 of the California Corporations Code requires that this fact “appear on the certificate, the initial transaction statement, and written statements”. This, of course, raises the question of what the Code is talking about when it refers to the “initial transaction statement” and the “written statements”.

These terms are defined in Section 171.1, which I’ve reproduced below...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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