Ill. Admin. Code tit. 38 § 1075.2045
No offer to sell securities of an applicant pursuant to a plan of conversion may be made before approval by the Director of the application for conversion and before any approval necessary to maintain federal deposit insurance. No sale of these securities in the subscription offering may be made except by the final offering circular for the subscription offering. No sale of unsubscribed securities may be made except by the final offering circular for the public offering or direct community marketing. The offering of shares in the direct community marketing may begin during the subscription offering upon the declaration of effectiveness by the Director of the offering circular proposed for the community offering. This Section shall not apply to preliminary negotiations or agreements between an applicant and any underwriter or among underwriters who are to be in privity of contract with the applicant.
Ill. Admin. Code tit. 38, § 1075.2045
Amended at 30 Ill. Reg. 19068, effective December 1, 2006