1. (a) The converting institution shall prepare and file its offering circular with the commissioner in compliance with section 36a-136-8 of the Regulations of Connecticut State Agencies.
2. (b) In the case of a mutual savings and loan association, the stock offering shall be conditioned upon depositor approval of the plan of conversion.
3. (c) The commissioner shall review the offering circular and may comment on the included disclosures and financial statements.
4. (d) The converting institution shall file with the commissioner four copies of each pre-effective offering circular, final offering circular and any post-effective amendment to the final offering circular.
5. (e) The commissioner shall not approve the adequacy or accuracy of the offering circular or the disclosures.
6. (f) After the converting institution satisfactorily addresses the commissioner's concerns, it shall request the commissioner to declare the offering circular effective for a time period. The time period shall not exceed the maximum time period for the completion of the sale of all of the shares under section 36a-136-33 of the Regulations of Connecticut State Agencies.

(Adopted effective September 7, 2007)