Section 386-A:22 Capital Debentures and Special Deposit. - New Hampshire Statutes

The issuance of capital debentures, including increases therein, shall be governed by the provisions of RSA 384:14-a, except as otherwise provided in this chapter; but the commissioner shall first approve the maturity, interest rate, and repayment provisions of each such debenture. No retirement of capital debentures, in whole or in part, shall be permitted which would leave the guaranty fund, or the guaranty fund plus the remaining special reserve, less in amount than the full and unimpaired guaranty fund required of such a bank under general law. The total amount of the capital debentures or special deposits of such corporation held by any other savings bank shall not at any time exceed 10 percent of the total capital debentures or special deposits issued by such corporation. Such capital debentures shall be transferable only on the books of the corporation and shall be subordinate to all general deposits and to all other debts, claims and obligations of the bank. The issuance of special deposit or capital stock, including increases therein, shall be governed by the provisions of RSA 386:12-17.

Source. 1965, 279:1, eff. Sept. 4, 1965.