(1) a permit authorizing the sale, offering or taking of subscriptions for the sale of the guarantee stock in question pursuant to the provisions of California Financial Code Section 6450.4 is duly issued, or

(2) a prior written determination is made by the Savings and Loan Commissioner that the sale, offering or solicitation or taking of subscriptions for such sale is not subject to the requirements of California Financial Code Section 6450.4. Said determination shall be made on the basis of a written application which shall include the names and addresses of each of the proposed legal and beneficial owners of the guarantee stock, a biographical description and references for each purchaser, and such additional information as the Commissioner may require.