Section 386:41 Special Guaranty Fund Established. - New Hampshire Statutes

When the net assets of the bank at the time of such vote are less than, or have been reduced by distribution among the stockholders under the provisions of RSA 386:40 to 105 percent of the amount due the general depositors, the amount by which the net assets of the bank exceed the amount due the general depositors shall be set aside as a special guaranty fund which shall be increased each year by adding thereto the proportion of the bank's net annual earnings properly attributable to such guaranty fund, including annual additions thereto theretofore made and shall be maintained as a special guaranty fund for the general deposits, until such time as the commissioner shall find that the bank has built up a new guaranty fund equal to 5 percent of the amount due general depositors. Said special guaranty fund including the annual additions above provided for shall thereupon be distributed among the stockholders.

Source. 1939, 170:7. RL 309:41. RSA 386:41. 1983, 369:2, eff. Aug. 20, 1983.