Section 389-A:1 Procedure for Conversion. - New Hampshire Statutes

A mutual savings bank, cooperative bank, building and loan association, savings and loan association, guaranty savings bank, commercial bank, or trust company may convert into a building and loan association, cooperative bank, mutual savings bank, savings and loan association, guaranty savings bank, commercial bank, or trust company as provided in this chapter. Notwithstanding the provisions of this section a mutual savings bank, cooperative bank, building and loan association, or savings and loan association which converts to a commercial bank or trust company charter shall retain its status as a mutual institution, unless such converted mutual institution chooses to convert to stock form pursuant to the provisions of RSA 386:10, II, RSA 394-A:10, RSA 393-A, or RSA 386-B. The converting institution shall be granted a new certificate of incorporation, in amendment of its pre-existing charter or certificate of incorporation, if the bank commissioner finds that the converting institution meets the standards (or their substantial equivalent) as to capital structure and business experience of management, prescribed for the incorporation of a mutual savings bank, building and loan association, cooperative bank, savings and loan association, guaranty savings bank, commercial bank or trust company, as the case may be. No such conversion shall be approved unless it has first been ratified by the affirmative vote of a majority of the votes cast at an annual or special meeting of the members or shareholders with voting rights in the converting institution called to consider such action and unless the converting institution has first notified by mail all its depositors or shareholders without voting rights of the proposed conversion.

Source. 1969, 371:1. 1991, 55:2. 1994, 250:8, eff. June 2, 1994.