New Hampshire Revised Statutes 383-B:6-610 – Reorganization of Mutual Bank by Merger
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As an alternative to the procedure set forth in N.H. Rev. Stat. § 383-B:6-609, a mutual bank may reorganize into a mutual holding company structure under a plan of reorganization, by taking or causing to be taken the following actions:
(a) The mutual bank shall organize a mutual holding company conforming its organization, governance and powers to those prescribed for a mutual holding company by N.H. Rev. Stat. § 383-B:6-616 in the same manner as a bank under RSA 383-A. The mutual bank may provide funds to the mutual holding company for the purpose of enabling it to capitalize the subsidiary bank, to cover the expenses of organization, and to provide initial working capital. If the organizational instrument is approved by the commissioner, he or she shall certify the approval on the organizational instrument, which shall be thereupon filed in the office of the secretary of state.
(b) The mutual bank and the newly organized mutual holding company shall organize a subsidiary bank to be wholly-owned by the mutual holding company upon completion of the reorganization in accordance with the procedures of N.H. Rev. Stat. § 383-B:6-617.
(c) The mutual bank shall combine with the subsidiary bank. As part of the combination, the proprietary interests of the depositors in the mutual bank immediately prior to the combination shall be exchanged for identical proprietary interests in the mutual holding company.
(a) The mutual bank shall organize a mutual holding company conforming its organization, governance and powers to those prescribed for a mutual holding company by N.H. Rev. Stat. § 383-B:6-616 in the same manner as a bank under RSA 383-A. The mutual bank may provide funds to the mutual holding company for the purpose of enabling it to capitalize the subsidiary bank, to cover the expenses of organization, and to provide initial working capital. If the organizational instrument is approved by the commissioner, he or she shall certify the approval on the organizational instrument, which shall be thereupon filed in the office of the secretary of state.
Terms Used In New Hampshire Revised Statutes 383-B:6-610
- 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
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(b) The mutual bank and the newly organized mutual holding company shall organize a subsidiary bank to be wholly-owned by the mutual holding company upon completion of the reorganization in accordance with the procedures of N.H. Rev. Stat. § 383-B:6-617.
(c) The mutual bank shall combine with the subsidiary bank. As part of the combination, the proprietary interests of the depositors in the mutual bank immediately prior to the combination shall be exchanged for identical proprietary interests in the mutual holding company.