Section 386-B:2-a Reorganization of Mutual Savings Bank by Merger.
Alternatively, a mutual savings bank may reorganize into a mutual holding company structure under a plan or reorganization submitted to and approved by the bank commissioner as hereinafter provided, by taking or causing to be taken the following actions:
I. Chartering a mutual holding company conforming its organization, governance and powers to those prescribed for a mutual holding company by RSA 386-B:8 in accordance with the procedures set forth in RSA 386-B:8.
II. Chartering a subsidiary guaranty savings bank in accordance with the procedures of RSA 386-B:9, except for those set forth in paragraphs I and IV of RSA 386-B:9, a majority of the stock of which will be owned by the mutual holding company. The holding company may organize and be the sole incorporator of the subsidiary guaranty savings bank, and only such persons who will serve as directors or executive officers of the subsidiary guaranty savings bank who are not serving as trustees or executive officers of the mutual savings bank at the time the application is filed will be required to submit personal and financial information to the bank commissioner for review pursuant to applicable rules and regulations.
III. Merging the mutual savings bank and the subsidiary guaranty savings bank in accordance with the procedure of RSA 388. As part of the merger, the proprietary interests of the savings depositors in the mutual savings bank immediately before the merger shall be exchanged for identical proprietary interests in the mutual holding company.
Source. 1997, 194:12, eff. June 18, 1997.