§ 383-B:6-615 — Continuation of Operations and Depositor Interest

New Hampshire § 383-B:6-615

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-B: DEPOSITORY BANK ACT
• Subdivision: ARTICLE 6Mutual Banks and Mutual Holding Companies

Text

(a) The commissioner may permit any newly created, wholly-owned subsidiary bank of a mutual holding company under RSA 383-B:6-609 to represent that it is a continuation of the operations of the mutual bank which was its organizer, provided such representation does not violate RSA 383-A:7-701 and is consistent with the operations of the new subsidiary bank under the plan of reorganization.
(b) The depositors of the mutual bank immediately prior to the reorganization shall be entitled to deposits in the subsidiary bank of the mutual holding company of like amounts, interest rates, and other terms, without interruption of interest, and the deposits shall continue to be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law. The depositors of the mutual bank immediately before the reorganization, shall, by virtue of the reorganization, have proprietary interests in the net worth of the mutual holding company of the same nature, rights, and proportions as the proprietary interests which they had in the mutual bank, in lieu of the former interests.

Legislative History

2015, 272:16, eff. Oct. 1, 2015. 2019, 169:10, eff. July 10, 2019.