Sec. 71.3. Restrictions and requirements as to securities

(a) No subordinated debt securities may be issued by a savings institution in denominations of less than $50,000, or with an original maturity of less than seven years.

(b) Each certificate, note or other evidence of subordinated debt issued pursuant to this Part shall:

(1) indicate clearly on its face, in boldface type, that the security does not represent a savings account or other deposit and is not insured by any government agency;

(2) clearly state that the security is subordinated, as to principal and interest, to all deposits of the issuing savings institution, and is unsecured; and

(3) state the terms, if any, under which the issuing savings institution may prepay or call the obligation.

(c) No optional payment in whole or in part of the unpaid principal of subordinated debt securities shall be made without prior written approval of the superintendent.