North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter G - MUTUAL TO STOCK CONVERSIONS › Section .0700 - PRICING AND SALE OF SECURITIES › Section 16G .0722 - EXTENSIONS OF TIME TO COMPLETE OFFERINGS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				  applicant may request and the Commissioner of Banks may grant one or more
				  extensions of time required to complete the sale of all shares of capital
				  stock, pursuant to Rule .0720 of this Section, provided that no single
				  extension of time shall exceed 90 days. No extension shall be granted unless
				  the savings institution shows that the circumstances leading to the request for
				  an extension were beyond the control of the savings institution and that the
				  investors who purchased stock during the initial subscription period will not
				  be disadvantaged by the extension.
(b) Upon granting an extension of time
				  pursuant to Paragraph (a) of this Rule, the applicant shall distribute to each
				  subscriber in the offering and, if applicable, to each person who has ordered
				  stock in the direct community offering a post-effective amendment to the
				  offering circular filed under an amendment to the application for conversion
				  and approved by the Commissioner of Banks pursuant to Paragraph (d) of this
				  Rule. The applicant shall notify each subscriber and each ordering person of
				  the extension of time and of the right of each subscriber and each ordering
				  person to increase, decrease, or rescind their subscription at any time prior
				  to 20 days before the end of the extension period or at any time prior to the
				  date of the commencement of the public offering or the direct community
				  offering, provided that the public offering or the direct community offering is
				  not completed within 20 days after its commencement. All instructions from
				  subscribers and ordering persons to increase, decrease, or rescind their
				  subscriptions or orders received during the 20-day offering period shall be
				  honored by the applicant.
(c) For
				  the purpose of this Rule, the public offering shall be deemed to commence upon
				  the filing with the Commissioner of Banks of the preliminary offering circular
				  for the public offering. The direct community offering shall be deemed to
				  commence upon approval by the Commissioner of Banks of the final offering
				  circular.
(d) After the expiration
				  of the subscription rights, the converting savings institution shall file with
				  and have approved by the Commissioner of Banks a post-effective amendment to
				  the offering circular upon the occurrence of any event, circumstance, or change
				  of circumstance that would be material to the investment decision of a
				  subscriber or, if applicable, a person who has ordered capital stock in the
				  direct community offering.
(e) Any
				  post-effective amendment to an offering circular shall be distributed by the
				  converting savings institution within two business days after approval. It
				  shall be distributed to each subscriber, and, if applicable, each person who
				  has ordered stock in the direct community offering. The converting savings
				  institution shall grant to each subscriber and ordering person the right to
				  increase, decrease, or rescind their subscription or order for a period which
				  shall be the greater of 10 days from the date of the mailing of the
				  post-effective amendment or the period remaining in an extension of time
				  granted by the Commissioner of Banks pursuant to the provisions of Paragraph
				  (b) of this Rule.
Authority
					 G.S.
					 54C-33;
					 54C-53;
Eff. February
					 15, 1992;
Amended Eff. November 1, 2017;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.