04 NCAC 16G .0712. GENERAL

(a)  No offer to sell securities of an applicant pursuant to a plan of conversion may be made prior to approval by the administrator of the plan of conversion and until the proxy statement has been authorized for use by the administrator.  No sale of securities may be made except by means of a final offering circular which meets the requirements of this Section and which has been declared effective by the administrator.  The provisions of this Rule shall not apply to preliminary negotiations or agreements between an applicant and any underwriter or among underwriters who are to be in privity of contract with the applicant.

(b)  If the financial statements in a filing are in excess of 135 days prior to the date of the administrator's approval of the plan of conversion, an interim financial statement as of a date within 135 days of such approval shall be furnished.  This interim financial statement shall be at least as current as the most recent quarterly financial statement filed with the administrator.  This interim financial statement may be unaudited.

 

History Note:        Authority G.S. 54C‑33; 54C‑53;

Eff. February 15, 1992.