New Hampshire Revised Statutes 383-B:6-609 – Reorganization of a Mutual Bank as a Mutual Holding Company
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A mutual bank may reorganize as a mutual holding company owning a subsidiary bank under a plan of reorganization, by taking or causing to be taken the following actions:
(a) The mutual bank shall organize a wholly-owned subsidiary bank in accordance with the procedures of N.H. Rev. Stat. § 383-B:6-617.
(b) The mutual bank shall transfer to the subsidiary bank a substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for all of the capital stock of the subsidiary bank.
(c) The mutual bank shall adopt an amended and restated organizational instrument changing its name, and conforming its organization, governance, and powers to those prescribed for a mutual holding company by N.H. Rev. Stat. § 383-B:6-616.
(a) The mutual bank shall organize a wholly-owned subsidiary bank in accordance with the procedures of N.H. Rev. Stat. § 383-B:6-617.
Terms Used In New Hampshire Revised Statutes 383-B:6-609
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) The mutual bank shall transfer to the subsidiary bank a substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for all of the capital stock of the subsidiary bank.
(c) The mutual bank shall adopt an amended and restated organizational instrument changing its name, and conforming its organization, governance, and powers to those prescribed for a mutual holding company by N.H. Rev. Stat. § 383-B:6-616.