New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 86 - Organization And Operation Of Stock-form Savings Banks And Savings And Loan Associations
Section 86.15 - Offering circular
Current through Register Vol. 46, No. 12, March 20, 2024
A converting institution (as applicable) shall be required to file with the superintendent and distribute to its eligible account holders and to the public an offering circular which complies with Form 86-OC, which reads in its entirety as follows:
FORM 86-OC
[Facing Sheet]
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES
One State Street
New York, New York 10004
Offering Circular
_________________________________________________________________________________________
(Exact name of converting institution as specified in charter)
_________________________________________________________________________________________
(Street address of converting institution)
_________________________________________________________________________________________
(City, State and ZIP Code)
Offering Circular Form
Item 1. Information Required by and Use of Form 86-OC.
The offering circular shall be dated as of the date of its issuance. The offering circular shall contain substantially the same information required to be included in the proxy statement of the converting institution distributed to depositors or shareholders to vote upon the plan of conversion. Information of the type required to be included in the proxy statement may be omitted from the offering circular only to the extent that it is clearly inapplicable. The offering circular may be in "wrap around" form with the proxy statement attached.
Instructions:
Item 2. Additional Current Information Required.
Each offering circular shall, as of its respective date of issuance, include to the extent available, the following additional current information to the extent that such information is not already included in the proxy statement:
Item 3. Statement Required in Offering Circulars.
There shall be set forth on the outside cover page of every offering circular the following statement in capital letters printed in boldface Roman type at least as large as 10-point modern type and at least two points leaded:
THESE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES, THE FEDERAL DEPOSIT INSURANCE CORPORATION OR THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION NOR HAVE SUCH DEPARTMENT OR CORPORATIONS PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
Item 4. Preliminary Offering Circular.
The outside front cover page of any preliminary offering circular shall bear, in red ink, the caption "Preliminary Offering Circular," the date of its issuance, and the following statement printed in type as large as that used generally in the body of such offering circular:
"This offering circular has been filed with the New York State Department of Financial Services, but has not been authorized for use in the final form. Information contained herein is subject to completion or amendment. The shares covered hereby may not be sold nor may offers to buy be accepted prior to the time the offering circular is approved for use by the New York State Department of Financial Services. This offering circular shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state."
Item 5. Information with Respect to Exercise of Subscription Rights.
Any offering circular which is required to be delivered to subscribers shall describe all material terms of the offering relating to the exercise of subscription rights to the extent that such description is not already in the proxy statement. Such terms include the expiration date, any subscription agent, method of exercising subscription rights, payment for shares, delivery of stock certificates for shares purchased, maximum subscription price, possible reduction of subscription price, relationship of subscription price to public offering price, requirements that all unsubscribed shares be sold, and any other material conditions relating to the exercise of subscription rights.
Item 6. Information with Respect to Public Offering.
Each offering circular shall describe the material terms of the plan or plans of distribution for all unsubscribed shares of capital stock to the extent such description is not already in the proxy statement, including the following:
Underwriting | Proceeds to | ||
Discounts and | Converting | ||
Price to Public | Commissions | Institution | |
Per Share | $ | $ | $ |
Total | $ | $ | $ |
Instructions: