Section 394-A:1 Purpose; Construction. - New Hampshire Statutes

The purpose of this chapter is to eliminate the competitive advantages enjoyed by federally-chartered financial institutions over corresponding state-chartered financial institutions by granting to such state institutions those powers, rights, benefits and privileges now or hereafter exercisable by such federal institutions that the state institutions do not have or have to a lesser extent under other provisions of law. All powers, rights, benefits and privileges conferred upon such state-chartered financial institutions by virtue of this chapter shall be in addition to and not in substitution for or limitation of any powers, rights, benefits and privileges which such state institutions may lawfully exercise pursuant to other provisions of law. For purposes of this chapter, but not otherwise, a state-chartered financial institution shall not be deemed to have or to be authorized to exercise any power, right, benefit or privilege under other provisions of law, unless the particular power, right, benefit or privilege is at the time authorized to such institution by the statute law of this state or the rules adopted under such law by language specifically granting such authority affirmatively and not by implication.

Source. 1981, 204:1, eff. Aug. 4, 1981.