Section 386-B:7 Entity of Mutual Savings Bank Continued in Mutual Holding Company. - New Hampshire Statutes

The corporate existence of the reorganizing mutual savings bank shall not terminate, and the mutual holding company resulting from the reorganization shall be deemed to be a continuation of the entity of such bank, not as a depository institution but as a bank holding company. The depositors of the mutual savings bank immediately prior to the reorganization shall be entitled to deposits in the subsidiary guaranty savings bank of like amounts, interest rate and other terms, without interruption of interest, and such deposits shall continue to be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law. The savings depositors of the mutual savings bank immediately before the reorganization, shall, by virtue of the reorganization, have proprietary interests in the net worth of the mutual holding company of the same nature, rights and proportions as the proprietary interests which they had in the mutual savings bank, in lieu of such former interests.

Source. 1985, 267:1, eff. Aug. 7, 1985.