---
kind: "section"
citation: "12 C.F.R. § 192.390"
title: "12"
number: "192.390"
heading: "Community offering of conversion shares."
url: "https://uscodex.org/cfr/12/192.390"
---

# §192.390. Community offering of conversion shares.

- (a) **Purchase preference in subscription offering.** In a subscription offering, a savings association may give a purchase preference to eligible account holders, supplemental eligible account holders, and voting members residing in its local community.
- (b) **Purchase preference in community offering.** In a community offering, a savings association must give a purchase preference to natural persons residing in its local community.

## 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.