(a) In general. When a savings association converts, its officers, directors, and their associates may not purchase, in the aggregate, more than the following percentage of the savings association's total stock offering:
| Institution size
| Officer and
director
purchases
(percent)
|
|---|
| $50,000,000 or less | 35
|
| $50,000,001-100,000,000 | 34
|
| $100,000,001-150,000,000 | 33
|
| $150,000,001-200,000,000 | 32
|
| $200,000,001-250,000,000 | 31
|
| $250,000,001-300,000,000 | 30
|
| $300,000,001-350,000,000 | 29
|
| $350,000,001-400,000,000 | 28
|
| $400,000,001-450,000,000 | 27
|
| $450,000,001-500,000,000 | 26
|
| Over $500,000,000 | 25 |
(b) Exception. The purchase limitations in this section do not apply to shares held in tax-qualified employee stock benefit plans that are attributable to the savings association's officers, directors, and their associates.