(a) No savings institution shall issue subordinated debt securities unless it shall have obtained the prior written approval of the superintendent. The superintendent may grant approval in principle of the issuance of the subordinated debt securities, based on preliminary drafts of documents submitted with the application pursuant to section 71.4 of this Part. Final written approval, however, will not be given until final copies of the documents have been submitted to the department and reviewed.

(b) In granting approval, the superintendent may impose such restrictions and limitation on a particular issue as he shall deem necessary. Upon receipt of the superintendent’s final written approval, the applicant may proceed to issue the securities described in the application and in the manner described therein.

(c) Written approval of the superintendent shall also be required for any subsequent amendment to the terms or conditions governing the original issue.