| 8.__Effective period.__Except while a stop order is in effect |
under section 16306, a registration statement is effective for one |
year after its effective date or for any longer period designated |
in an order under this chapter during which the security is being |
offered or distributed in a nonexempted transaction by or for the |
account of the issuer or other person on whose behalf the offering |
is being made or by an underwriter or broker-dealer that is still |
offering part of an unsold allotment or subscription taken as a |
participant in the distribution. For the purposes of a nonissuer |
transaction, all outstanding securities of the same class |
identified in the registration statement as a security registered |
under this chapter are considered to be registered while the |
registration statement is effective. If any securities of the same |
class are outstanding, a registration statement may not be |
withdrawn until one year after its effective date. A registration |
statement may be withdrawn only with the approval of the |
administrator. |