§ 383-C:10-1006 — Completion of Plan of Dissolution

New Hampshire § 383-C:10-1006

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-C: TRUST COMPANY ACT
• Subdivision: ARTICLE 10Dissolution

Text

(a) Upon issuance of the commissioner's decision approving a trust company's application for dissolution, the trust company may dissolve in accordance with the terms of its application for dissolution and plan for dissolution.
(b) Upon completion of all actions required under the plan for dissolution and compliance with any conditions prescribed by the commissioner, the trust company shall submit a report of its actions to the commissioner.
(c) The trust company's board of directors shall certify, under oath, that the report is true and correct.
(d) Following receipt of the report, the commissioner may examine the trust company to determine whether:
(1) All required actions have been taken to liquidate or reorganize the trust company in accordance with the plan for dissolution; and
(2) The trust company complied with any conditions prescribed by the commissioner.
(e) After receiving the trust company's report, determining that the required actions under the plan for dissolution have been completed, and determining that the trust company complied with any conditions prescribed by the commissioner, the commissioner shall notify the trust company that the dissolution has been completed and is final.
(1) The notice shall supplement the approval of the application for dissolution issued by the commissioner under RSA 383-A:6-604.
(2) After receiving the notice, the trust company shall surrender its charter to the commissioner, and the commissioner shall issue a certificate of dissolution, which the trust company shall file with the secretary of state in accordance with RSA 383-C:10-1007.
(f) If the commissioner is not satisfied that all required actions have been taken or the trust company has not complied with all of the conditions prescribed by the commissioner, then the commissioner shall notify the dissolving trust company what additional actions shall be taken to be eligible for a certificate of dissolution.
(1) The notice shall supplement the approval of the application for dissolution issued by the commissioner under RSA 383-A:6-604.
(2) In the notice, the commissioner may establish a deadline for the submission of evidence that the additional actions have been taken.
(3) The commissioner may extend the deadline for good cause shown.
(4) If, before the deadline, the trust company fails to submit evidence that the additional actions have been taken or the commissioner determines that the submitted evidence is inadequate or otherwise unsatisfactory, then the commissioner may revoke its approval of the application for dissolution.

Legislative History

2015, 272:16, eff. Oct. 1, 2015. 2017, 209:19, eff. Sept. 8, 2017.