Section 386:59 Duties of Trustees of Mutual Savings Banks. - New Hampshire Statutes

The governance of a mutual savings bank shall be vested solely in its board of trustees. The trustees shall have all powers and authorities granted under the charter and bylaws of the bank and applicable federal and state laws, rules, and regulations. The trustees shall elect officers and shall supervise management of the bank. The trustees shall be required to review and approve by majority vote, or by higher vote if required by applicable state laws or rules or by the charter or bylaws, any matter expressly reserved for the approval of corporators under RSA 386:60 prior to submitting the matter to the corporators for their approval. In exercising their duties as trustees, the trustees shall consider the interests of the depositors, borrowers, and other customers of the bank, the general benefit and economic well-being of the communities served by the bank and the safety, soundness, and general business needs of the bank. The trustees shall be accountable to the corporators for the proper discharge of their duties.

Source. 1995, 293:2, eff. June 21, 1995.