---
kind: "section"
citation: "12 C.F.R. § 390.428"
title: "12"
number: "390.428"
heading: "Approval of the security."
url: "https://uscodex.org/cfr/12/390.428"
---

# §390.428. Approval of the security.


Any securities of a State savings association which are not exempt under this subpart and are offered or sold pursuant to an offering circular which becomes effective under this subpart, are deemed to be approved as to form and terms for purposes of this subpart.


## Notes

### Authority

Authority: 12 U.S.C. 1819. Subpart Q also issued under 12 U.S.C. 1462; 1462a; 1463; 1464. Subpart W also issued under 12 U.S.C. 1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m; 78n; 78p; 78w.

### Source

Source: 76 FR 47655, Aug. 5, 2011, unless otherwise noted.