---
kind: "section"
citation: "12 C.F.R. § 192.320"
title: "12"
number: "192.320"
heading: "Order of priority to purchase conversion shares."
url: "https://uscodex.org/cfr/12/192.320"
---

# §192.320. Order of priority to purchase conversion shares.


A savings association must offer to sell its shares in the following order:

- (a) **Eligible account holders.**
- (b) **Tax-qualified employee stock ownership plans.**
- (c) **Supplemental eligible account holders.**
- (d) **Other voting members who have subscription rights.**
- (e) **The savings association's community, its community and the general public, or the general public.**

## Notes

### Authority

Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 2901 et seq., 5412(b)(2)(B); 15 U.S.C. 78c, 78 l , 78m, 78n, 78w.

### Source

Source: 85 FR 42643, July 14, 2020, unless otherwise noted.