69U-105.205. Organization Expenses

(1) The organization expenses shall be borne by the applicant. After approval of the shareholders, these expenses may be reimbursed as provided in Section 658.24, F.S. An accounting of the organization expenses must be provided to each subscriber and to OFR no later than the date upon which the call for payment of stock subscriptions is made.

(2) All capitalized expenses must be supported by an itemized statement from the applicant’s certified public accountant of their eligibility for capitalization.

Specific Authority 655.012(3) FS. Law Implemented 658.24, 665.013, 667.003 FS. History–New 5-24-78, Amended 6-9-81, Formerly 3C-10.041, Amended 6-20-90, Formerly 3C-10.0041, Amended 8-14-94, 4-15-98, Formerly 3C-105.205, Formerly 3C-105.205.