§ 192.395What other conditions apply when I offer conversion shares in a community offering, a public offering, or both?
(a) You must offer and sell your stock to achieve a widespread distribution of the stock.
(b) If you offer shares in a community offering, a public offering, or both, you must first fill orders for your stock up to a maximum of two percent of the conversion stock on a basis that will promote a widespread distribution of stock. You must allocate any remaining shares on an equal number of shares per order basis until you fill all orders.
Title 12 published on 2014-01-01
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