Section 386:62 Dividends to Depositors of Mutual Savings Banks. - New Hampshire Statutes

Except as may be limited or otherwise required by applicable federal or state laws, rules, and regulations, and subject to their management duties as provided in RSA 386:59, the trustees of a mutual savings bank may declare a dividend and distribute the capital, surplus, net income, and profits to the depositors of the bank, in proportion to the average amount of their respective funds on deposit in time, savings, or demand accounts during the 30-day period immediately preceding the time at which a dividend is declared, in such amounts, at such times, and under such conditions as are determined by the trustees in the exercise of their reasonable discretion. In the event of liquidation of a mutual savings bank, the assets, if any, of the bank remaining after payment of all liabilities and the costs and expenses of the liquidation shall be distributed as a dividend to the depositors of the bank, in proportion to the average amount of their respective funds on deposit in time, savings, or demand accounts, during the 30-day period immediately preceding the time at which the liquidation proceedings are commenced.

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