| 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outstanding, a registration statement may not be withdrawn until |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be withdrawn only with the approval of the administrator. |