Section 386-A:1 Incorporators. - New Hampshire Statutes

Except as provided in this paragraph, 10 persons may subscribe to articles of agreement in writing for the purpose of forming a mutual savings bank or a guaranty savings bank and may, upon compliance with the provisions of this chapter, become a corporation with all the powers and privileges and subject to all the duties, restrictions, and liabilities of either a mutual savings bank or a guaranty savings bank, as set forth in the general laws now or hereafter in force relating to such corporations. If the bank is being organized by a bank holding company or a financial holding company as defined by the federal Bank Holding Company Act of 1956, as amended, or by a savings and loan holding company as defined by the federal Savings and Loan Holding Company Act, as amended, or by any other type of company that will directly or indirectly hold all of the shares of the saving bank's capital stock, or in connection with a reorganization of a bank into a holding company structure, then only the holding company or, if applicable, the subsidiary of the holding company that will hold all of the shares of the saving bank's capital stock, is required to subscribe to the articles of agreement.

Source. 1965, 279:1. 1998, 139:11. 2001, 263:1, eff. July 13, 2001.