BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
DEPOSITORY BANK ACT
Mutual Banks and Mutual Holding Companies
383-B:6-605 Corporators or Association Members of Mutual Banks and Mutual Holding Companies.
(a) The corporators shall be deemed to be exclusively representative of, and shall exclusively represent, the various interests and communities served by the mutual savings bank or mutual holding company. Each corporator shall be entitled to cast one vote and may vote in person or by proxy. The corporators shall elect persons to serve as corporators and directors, and may remove any corporator or director who has failed to properly discharge his or her duties, in the manner prescribed by its organizational documents. Except as expressly provided in RSA 383-B:6-618, the following corporate powers of a mutual savings bank or mutual holding company shall be vested solely in the corporators: the corporators shall have authority to approve by majority vote, or by higher vote if required by applicable state laws or rules or by the organizational documents, the amendment of the organizational documents, the conversion of the mutual savings bank or mutual holding company from mutual to stock form, the formation of a mutual holding company, the combination of the mutual savings bank or mutual holding company with any other entity, the voluntary liquidation of the mutual savings bank or mutual holding company, and any other matter expressly reserved for the approval of corporators under applicable state laws or the organizational documents of the mutual savings bank or holding company. The corporators shall consider the interests of the depositors, the borrowers, and other customers of the mutual savings bank or mutual holding company, the general benefit and economic well-being of the communities served by the mutual savings bank or mutual holding company, and the safety, soundness, and general business needs of the mutual savings bank or mutual holding company in exercising their duties as corporators.
(b) The voting rights and interests of association members of a savings association or mutual holding company are governed by the organizational documents of the savings association or the mutual holding company only, and not subsection (a). In any case requiring a vote of the corporators of a mutual savings bank or mutual holding company, the vote shall be cast by the association members instead.
Source. 2015, 272:16, eff. Oct. 1, 2015.