Section 393:40 Single-Payment Shares, Authority to Issue; Value; Rights. - New Hampshire Statutes

Such associations may issue single-payment shares of an ultimate value of $100 or multiples thereof. Such single-payment shares shall be issued for the consideration of the initial payment only and no further payment shall be accepted on account thereof. Profits and dividends accruing thereon shall be added to the initial payment until the value of each share reaches $100 or a multiple thereof, and it shall be paid to the shareholder and the share shall be retired or a paid-up share issued therefore under RSA 393:35. A holder of a single share shall have a right of withdrawal prescribed by RSA 393:30 and 32 subject to the limitations therein set forth but such withdrawal must be exercised as to the whole of the value of the share at the time of withdrawal. Single-payment shares may be paid off at any time at the option of the board of directors provided 30 days' notice of the payment date shall have been given to the holder. The said notice may not be waived.

Source. 1937, 106:6. RL 314:36. 1945, 140:3. RSA 393:40. 1955, 139:4. 1967, 127:5, eff. July 18, 1967.