12 CFR § 192.320 - Order of priority to purchase conversion shares.

---
identifier: "/us/cfr/t12/s192.320"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 192.320 - Order of priority to purchase conversion shares."
title_number: 12
title_name: "Banks and Banking"
section_number: "192.320"
section_name: "Order of priority to purchase conversion shares."
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "192"
part_name: "CONVERSIONS FROM MUTUAL TO STOCK FORM"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1462a, 1463, 1464, 1467a, 2901  5412(b)(2)(B); 15 U.S.C. 78c, 78, 78m, 78n, 78w."
regulatory_source: "85 FR 42643, July 14, 2020, unless otherwise noted."
cfr_part: "192"
---


# 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.