Section 386-A:20 Vesting of Power.
In the case of a mutual savings bank, upon the completion of organization and the issuance of capital debentures, the powers of the corporation shall vest in the incorporators, as members of the corporation, including such additional persons as may be chosen as incorporators from time to time as provided in the bylaws. In the case of a guaranty savings bank, upon the completion of organization and the issuance of special deposit or capital stock with power to vote, the powers of the corporation shall vest in the holders of the special deposit or capital stock.
Source. 1965, 279:1, eff. Sept. 4, 1965.