Solicitation materials

(a) All written material which may be used for solicitation of shares or share subscriptions in a proposed credit union must be submitted to the department for review and approval before use. (b) All subscribers must be provided with a copy of the material approved under (a) of this section. (c) All funds received from share subscribers must be placed in an escrow account approved by the department and over which the department has withdrawal control. The department will relinquish this control to the credit union only upon issuance of a certificate of authority to conduct credit union business.