Sec.36a-136-33. Completion of sale of stock

(a) All sales of stock shall be completed not later than forty-five calendar days after the last day of the subscription period, unless the offering is extended under subsection (b) of this section.

(b) Upon written request by the converting institution, the commissioner may grant extensions of time to sell the shares. The commissioner shall not grant any single extension for more than ninety days. If the commissioner grants such request, the converting institution shall provide a post-effective amendment to the offering circular under section 36a-136-17 of the Regulations of Connecticut State Agencies to each person who subscribed for or ordered stock. The amendment shall indicate that the commissioner extended the offering period and that each person who subscribed for or ordered stock may increase, decrease or rescind such person's subscription or order within the time remaining in the extension period.

(Adopted effective September 7, 2007)