Offers and sales of stock.

CFR · 2024-01-01 · US · Title 12

(a) (1) Eligible account holders. (2) Tax-qualified employee stock ownership plans. (3) Supplemental eligible account holders. (4) Other voting members who have subscription rights. (5) The community, the community and the general public, or the general public. (b) (2) The offer may commence at the same time as the proxy solicitation of the members begins. (c) (2) The maximum price must be no more than 15 percent above the midpoint of the estimated price range in the offering circular. (3) The minimum price must be no more than 15 percent below the midpoint of the estimated price range in the offering circular. (4) If the Board permits, the maximum price of conversion shares sold may be increased. The maximum price, as adjusted, must be no more than 15 percent above the maximum price computed under paragraph (c)(2) of this section. (5) The maximum price must be between $5 and $50 per share. (6) The mutual holding company must include the estimated price in any preliminary offering circular. (d) (2) The mutual holding company may sell the conversion shares in a community offering, a public offering, or both. The mutual holding company may begin the community offering, the public offering, or both at any time during the subscription offering or upon conclusion of the subscription offering. (3) The mutual holding company may pay underwriting commissions (including underwriting discounts). The Board may object to the payment of unreasonable commissions. The mutual holding company

official document · source cfr-2024 · id 12:§ 239.59