Section 195-E:4 Incorporators.
I. A qualified educational institution may, by a 2/3 vote of its board of trustees or other governing body, agree to form a loan corporation for the purpose of providing low cost financial assistance to qualified students enrolled at the institution or to their parents. The articles of agreement, articles of amendment, articles of merger, or agreement adopting the articles of agreement and bylaws of any existing loan corporation shall be signed by 5 members of the board of trustees or other governing body who are so authorized in writing by the board of trustees or other body. If a loan corporation is formed pursuant to RSA 195-E:3, I(a) or (b), the 5 members of the board of trustees or other governing body shall act as the incorporators of the loan corporation.
II. The incorporators shall be deemed to be acting in their capacities as members of and on behalf of the board of trustees or other governing body.
Source. 1981, 229:1. 1983, 112:4. 1986, 23:4, eff. June 17, 1986.