563b.305—When may I distribute the offering circular?
(a)
You may distribute a preliminary offering circular at the same time as or after you mail the proxy statement to your members.
(b)
You may not distribute an offering circular until OTS declares it effective. You must distribute the offering circular in accordance with this part.
(c)
You must distribute your offering circular to persons listed in your plan of conversion within 10 days after OTS declares it effective.