Section 393-A:4 Conversion of Cooperative Banks, Building and Loan Associations or Savings and Loan Associations; Regulations.
I. The commissioner may authorize the conversion of cooperative banks, building and loan associations or savings and loan associations to capital stock associations, if he finds that such conversion will serve the convenience and necessity of the public. The commissioner shall adopt, pursuant to RSA 541-A, such rules as are necessary to allow such conversions. Such conversions shall be effectuated by means of an amendment to the charter of the cooperative bank, building and loan association or savings and loan association.
II. Notwithstanding the provisions of RSA 393:11, voting on all matters relating to the conversion of any cooperative bank, building and loan association, or savings and loan association to a capital stock form shall be governed by this section. Such matters shall include, but not be limited to, the adoption of a plan of conversion to a capital stock form and the adoption of the charter amendment by which a conversion is to be effected. RSA 393:11 shall govern voting on all matters not relating to the conversion of any cooperative bank, building and loan association or savings and loan association to a capital stock form. Voting of shareholders on matters relating to conversion of any cooperative bank, building and loan association or savings and loan association to a capital stock form may be by proxy. Any number of qualified voters present at a meeting regarding conversion to capital stock form shall constitute a quorum and a majority of all votes cast at such meeting shall be required to determine any question. Only those shareholders and borrowers of record on the books of the cooperative bank, building and loan association or savings and loan association at the end of the calendar month immediately preceding the date of the meeting at which matters relating to conversion to the capital stock form are to be considered shall be entitled to vote at such a meeting. Those who were shareholders and borrowers at the end of the calendar month immediately preceding the date of the meeting but who have ceased to be such shareholders or borrowers prior to such meeting shall not be entitled to vote at the meeting.
Source. 1979, 428:1. 1981, 106:1, eff. June 22, 1981.