- (a) A mutual savings and loan association may distribute a preliminary offering circular at the same time as or after it mails the proxy statement to its depositors.
- (b) A converting institution shall not distribute an offering circular until the commissioner declares it effective.
- (c) The offering circular shall be distributed not later than ten days after the commissioner declares it effective to persons listed in the plan of conversion.
(Adopted effective September 7, 2007)