Every registration statement is effective for one year from its effective date, except during the time a stop order is in effect under Sections 35-1-1010 to 35-1-1050. All outstanding securities of the same class as a registered security are considered to be registered for the purpose of any nonissuer transaction (a) so long as the registration statement is effective and (b) no stop order suspending or revoking the effectiveness of the registration statement has been entered under Sections 35-1-1010 to 35-1-1050. A registration statement may not be withdrawn for one year from its effective date if any securities of the same class are outstanding. A registration statement may be withdrawn otherwise only in the discretion of the securities commissioner.