1. (a) The converting institution shall file a post-effective amendment to the offering circular with the commissioner when a material event or change of circumstance occurs.
2. (b) After the commissioner declares the post-effective amendment effective, the converting institution shall immediately deliver the amendment to each person who subscribed for or ordered shares in the offering.
3. (c) The post-effective amendment shall indicate that each person may increase, decrease or rescind such person's subscription or order.
4. (d) The post-effective offering period shall remain open no less than ten days nor more than twenty days from the effective date of the amendment, unless the commissioner approves a longer rescission period.

(Adopted effective September 7, 2007)