Section 392:38-a Redemption of Shares or Interests. - New Hampshire Statutes

Notwithstanding the provisions of RSA 392:38, any such trust company which then has more than 500 holders of the shares or interests of its own capital stock shall be entitled, with the express written approval of the bank commissioner, to redeem any and all of such shares or interests from holders thereof who own in the aggregate 10 shares or less of such stock. Such redemption shall be pursuant to a tender offer, the form of which shall have been approved by the bank commissioner, and all shares or interests so redeemed shall be retired within 60 days of the expiration of the tender offer, thereby reducing the authorized capital stock of the trust company. Within said 60 day period the trust company shall file with the board of trust company incorporation, as required under RSA 392:27, an appropriate amendment reciting the change in outstanding shares or interests.

Source. 1979, 91:1, eff. June 29, 1979. 2006, 320:44, eff. Aug. 19, 2006.