Section 393:1-a Incorporators; Investment by. - New Hampshire Statutes

The bank commissioner may require as a condition to approval of a corporation to be organized under this chapter that the incorporators shall purchase initially not less than $10,000 fully paid shares of such corporation, that said incorporating shareholders shall expressly waive their withdrawal, retirement and repayment rights under RSA 393:30-34 and stipulate in the records of such corporation that no withdrawal, retirement, redemption or repayment, other than in liquidation of such corporation, shall be made and no direct payment in division of profits under RSA 393:29 shall be made to the holders of such shares so issued to said incorporating stockholders but all divisions of profits allocable to such shares shall be paid into the guaranty fund provided in RSA 393:26. Such condition shall appear on the face of the shares so initially issued to said incorporators. At such time that the guaranty fund of such corporation accrues sufficiently so that withdrawal or retirement or repayment of all such shares with all divisions of profits accrued to the credit thereof will not diminish the said guaranty fund below $10,000 the commissioner may authorize removal of said conditions affecting such shares.

Source. 1955, 51:1, eff. March 26, 1955.