{"code":"INS","codeName":"Insurance Code","section":"823","citation":"Ins. Code, § 823","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 1. GENERAL RULES GOVERNING INSURANCE [100. - 1879.8.]","url":"https://blackletter.si/insurance-code/division-1"},{"name":"PART 2. THE BUSINESS OF INSURANCE [680. - 1879.8.]","url":"https://blackletter.si/insurance-code/division-1/part-2"},{"name":"CHAPTER 1. General Regulations [680. - 1113.]","url":"https://blackletter.si/insurance-code/division-1/part-2/chapter-1"},{"name":"ARTICLE 8. Issue of Securities [820. - 860.]","url":"https://blackletter.si/insurance-code/division-1/part-2/chapter-1/article-8"}],"history":"Amended by Stats. 1949, Ch. 256.","effective":null,"html":"<p>(a) A privilege pertaining to a security giving the holder the privilege to convert such security into another security of the same insurer is not a sale of such other security.</p><p>(b) A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.</p>","text":"(a) A privilege pertaining to a security giving the holder the privilege to convert such security into another security of the same insurer is not a sale of such other security. (b) A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.","otherVersions":[],"url":"https://blackletter.si/insurance-code/issue-of-securities-823","source":"California Legislative Information bulk export (pubinfo)"}