(a) Deadline for completing the sale of stock. The mutual holding
company must complete all sales of the stock within 45 calendar days
after the last day of the subscription period, unless the offering
is extended under paragraph (b) of this section.
(b) Offering period extension.
(1) The mutual holding company
must request, in writing, an extension of any offering period.
(2) The Board may grant
extensions of time to sell the shares. The Board will not grant any
single extension of more than 90 days.
(3) If the Board grants the request for
an extension of time, the mutual holding company must provide a post-effective
amendment to the offering circular under section 239.58(c) to each
person who subscribed for or ordered stock. The amendment must indicate
that the Board extended the offering period and that each person who
subscribed for or ordered stock may increase, decrease, or rescind
their subscription or order within the time remaining in the extension
period.
