Commodities

Chapter 7 of Division 4.5 of Title 4 of the Corporations Code contains miscellaneous provisions related to commodities in California.

Section 29560 provides that no provision of this law 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.

Section 29561 states that 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.

Section 29562 says that, in any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.

Section 29563 explains that every final order, decision, certificate, registration, or other official act of the commissioner is subject to judicial review in accordance with law.

Section 29564 states that nothing in this law, will impair, derogate, or otherwise affect the authority or powers of the commissioner under the Corporate Securities Law of 1968.

Section 29565 provides a severability clause.

Section 29566 prohibits the commissioner or any employee of the commissioner from using any information which is filed with or obtained by the commissioner which is not public information for personal gain or benefit. Also, neither the commissioner nor any employee of the commissioner is permitted to engage in any securities or commodity 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.

Section 29567 requires support from the program to come from funds appropriated by the Legislature from the State Corporations Fund.