StacksVerified U.S. regulatory reference

12 CFR §192.320

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
A savings association must offer to sell its shares in the following order:
  1. (a)Eligible account holders.
  2. (b)Tax-qualified employee stock ownership plans.
  3. (c)Supplemental eligible account holders.
  4. (d)Other voting members who have subscription rights.
  5. (e)The savings association's community, its community and the general public, or the general public.