A registration statement under Sections 35-1-840 and 35-1-850 automatically becomes effective at the moment the federal registration statement becomes effective if all the following conditions are satisfied:

1. (1) no stop order is in effect and no proceeding is pending under Sections 35-1-1010 to 35-1-1050;
2. (2) the registration statement has been on file with the securities commissioner for at least ten days; and

3. (3) a statement of the maximum and minimum proposed offering prices and the maximum underwriting discounts and commissions has been on file for two full business days or such shorter period as the securities commissioner permits by rule or otherwise and the offering is made within these limitations.

   The registrant shall promptly notify the securities commissioner by telephone or telegram of the date and time when the federal registration statement became effective and the content of the price amendment, if any, and shall promptly file a post-effective amendment containing the information and documents in the price amendment. "Price amendment" means the final federal amendment which includes a statement of the offering price, underwriting, and selling discounts or commissions, amount of proceeds, conversion rates, call prices, and other matters dependent upon the offering price. Upon failure to receive the required notification and post-effective amendment with respect to the price amendment, the securities commissioner may enter a stop order, without notice or hearing, retroactively denying effectiveness to the registration statement or suspending its effectiveness until compliance with this section, if he promptly notifies the registrant by telephone or telegram, and promptly confirms by letter or telegram when he notifies by telephone, of the issuance of the order. If the registrant proves compliance with the requirements of this section as to notice and post-effective amendment, the stop order is void as of the time of its entry. The securities commissioner may by rule or otherwise waive either or both of the conditions specified in items (2) and (3) of this section. If the federal registration statement becomes effective before all the conditions in this section are satisfied and they are not waived, the registration statement automatically becomes effective as soon as all the conditions are satisfied. If the registrant advises the securities commissioner of the date when the federal registration statement is expected to become effective, the securities commissioner shall promptly advise the registrant by telephone or telegram, at the registrant's expense, whether all the conditions are satisfied and whether he then contemplates the institution of a proceeding under Sections 35-1-1010 to 35-1-1050. But this advice by the securities commissioner does not preclude the institution of such a proceeding at any time.