StacksVerified U.S. regulatory reference

12 CFR §192.325

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
  1. (a)In general. A savings association may offer to sell its conversion shares after the appropriate Federal banking agency approves the conversion, clears the proxy statement, and declares the offering circular effective.
  2. (b)Timing. The offer may commence at the same time the savings association starts the proxy solicitation of its members.