New Hampshire Revised Statutes 162-G:15 – Voluntary Nonprofit Corporations; Authorities
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Hampshire Revised Statutes 162-G:15
- authority: shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Governmental unit: shall mean a city or a town. See New Hampshire Revised Statutes 162-G:3
Any voluntary, nonprofit corporation or association formed under N.H. Rev. Stat. § 292:1 for the purpose of taking advantage of this chapter shall be a body politic and corporate constituting a public corporation. The governmental unit may loan money to such corporation or association or an authority established under N.H. Rev. Stat. § 162-G:15-a, with proper security. Such corporation or association shall have all the authority and powers granted to a governmental unit by this chapter to act in behalf of the governmental unit except the powers to execute trust indentures and issue bonds. Sums of money may be advanced to such corporation or association or an authority established under N.H. Rev. Stat. § 162-G:15-a by the governmental unit to meet operating and maintenance costs and shall be repaid by it, if the governmental unit so requires at the time of making such advances.