TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-A BANK AND CREDIT UNION REGULATORY AND ENFORCEMENT
ARTICLE 4 Capital, Fidelity Bond, and Errors and Omissions Insurance
Section 383-A:4-404
383-A:4-404 Redemption of Shares. –
A state bank may redeem shares of its capital stock if (i) the redemption is conducted in accordance with the provisions of its organizational documents, (ii) the remaining capital exceeds the minimum capital required by this chapter, and (iii) the board of directors determines that the redemption will not jeopardize the safe and the sound operation of the state bank based on a diligent review of all applicable facts and circumstances then known to them. The board of directors shall not make a proposed redemption unless it gives notice of the proposed redemption to the commissioner as provided in RSA 383-A:6-602.