12 CFR §192.365

1. (a)In general. A savings association must give rights to purchase its conversion shares in the conversion to voting members who are neither eligible account holders nor supplemental eligible account holders. The savings association must allocate rights to each voting member that are equal to the greater of:
   1. (1)The maximum purchase limitation established for the community offering and the public offering under § 192.395; or
   2. (2)One-tenth of one percent of the total stock offering.
2. (b)Subordination of voting rights. The savings association must subordinate the voting members' rights to the rights of eligible account holders, tax-qualified employee stock ownership plans, and supplemental eligible account holders.