Section 389-A:5 Conversion to and From Federal Charter. - New Hampshire Statutes

   I. A mutual savings bank may convert itself into a federal savings and loan association in accordance with the procedure prescribed for conversion of building and loan associations into federal savings and loan associations in RSA 393:46-48, inclusive, and for this purpose shall have all the rights, powers and privileges of a converting building and loan association under these sections. Upon the grant of a federal charter, the institution receiving the same shall cease to be a mutual savings bank incorporated by state law and shall no longer be subject to state supervision and control.
   II. Any federal savings and loan association doing business in this state may convert itself into a mutual savings bank created under the laws of this state, in accordance with the procedure prescribed for conversion of federal savings and loan associations into building and loan associations in RSA 393:50-54, inclusive, and for this purpose shall have all the rights, powers and privileges granted to converting federal savings and loan associations under these sections; provided however, that the form of the articles of agreement required by RSA 393:51 shall conform to the provisions of RSA 386-A insofar as applicable; that the provisions of RSA 386-A and all other general laws relating to savings banks shall apply to the converted institutions; and that the bank commissioner may adopt rules pursuant to RSA 541-A, for the procedure to be followed by any such converting institution.

Source. 1969, 371:1. 1985, 55:13. 2003, 165:10, eff. Aug. 16, 2003.