§ 396:12 — Retirement, Restoration

Notwithstanding any other provision of law the stock or shareholders of any institution authorized by RSA 396:9 to issue preferred stock or shares, with or without conservatorship and with or without authorized issue of preferred stock or shares, with the approval of the commissioner, may, by majority stock or share vote, reduce the amount of its capital or its guarantee or other special fund, in which shares of ownership have been issued, through the retirement of stock or shares or the reduction of par or face value thereof. Any such reduction may by like vote and approval be restored in whole or proportionately in part from future earnings or profits when the capital fund and surplus is not or will not thereby be impaired. No retirement of stock or shares or reduction in par value thereof hereunder shall operate to relieve the owner thereof of any liability attaching to the ownership of such stock or shares so retired or reduced in par value.

Legislative History

1933, 114:1. RL 317:12.