04 NCAC 16G .0714. ESTIMATED PRICE INFORMATION: PROXY STATEMENTS

If the offering is to commence prior to the meeting of the members held to vote on the plan of conversion, the proxy statement authorized for use by the administrator shall set forth the estimated price range.  Any preliminary offering circular shall set forth the estimated price range. The maximum of such price range shall be not more than fifty dollars ($50.00) per share or 15 percent above the average of the minimum and maximum of such price range and the minimum shall be no less than five dollars ($5.00) per share or no more than 15 percent below such average. The administrator may approve a price range outside these maximums and minimums upon a showing that such price range enhances or does not discourage a broad dispersion of ownership and is not manipulative of the conversion process.

 

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

Eff. February 15, 1992.