BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
DEPOSITORY BANK ACT
Mutual Banks and Mutual Holding Companies
383-B:6-617 Chartering of Subsidiary Bank.
The procedures for the organization of a subsidiary bank shall be as prescribed in RSA 383-A, except that:
(a) The reorganizing mutual bank or mutual holding company may serve as the organizer of the subsidiary bank being formed and as the applicant seeking approval of its incorporation.
(b) The organizational instrument shall contain a restriction to the effect that no shares of the capital stock of the subsidiary bank may be directly or indirectly issued to or held by a person other than the mutual holding company unless the issuance or holding of the shares is first approved by a 2/3 majority of the board of directors of the mutual holding company and its corporators or association members and then is approved by the commissioner in compliance with the provisions of this subsection. The commissioner shall adopt rules governing the issuance of shares of the capital stock of the subsidiary bank to any person other than the mutual holding company which are comparable to rules adopted by the commissioner governing the conversion of depository banks from mutual to stock form. In no event shall shares of the capital stock of the subsidiary bank be held by any person other than the mutual holding company if the commissioner determines that the corporators, if any, directors, officers, and employees of the mutual holding company or of the subsidiary bank are provided with a benefit, privilege, or advantage not generally available to depositors or otherwise impairs the rights of the depositors.
Source. 2015, 272:16, eff. Oct. 1, 2015.