Arts and Cultural Affairs - Theatrical Syndication Financing - Regulation of Theatrical Syndication Financing - Records; bank accounts

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§ 23.07. Records; bank accounts. All moneys raised from the offer and
sale of syndication interests in a theatrical production company, as
defined herein, shall be held in a special bank account in trust until
actually employed for pre-production or production purposes of the
particular theatrical production company or returned to the investor or
investors thereof. All the records of such bank account and bank
transactions shall be preserved for at least two years. It shall be
clearly set forth in writing in an investment agreement and any
prospectus or circular distributed to each investor in a theatrical
production company, as defined herein, that all moneys raised from the
offer and sale of syndication interests in a theatrical production
company, as defined herein, shall be held in a special bank account in
trust until actually employed for pre-production or production purposes
of the particular theatrical production company or returned to the
investor or investors thereof. Any provision of any contract or
agreement or understanding, whether oral or in writing, whereby a person
who so purchases an interest in any theatrical production company
syndication, as defined herein, waives any provision of this section is
absolutely void.