Section 386-A:7-a Rejection of Proposals for Conversions.
I. Notwithstanding any other law to the contrary, it shall be the public policy of this state in its exercise of police power over the regulation of banking to allow a trustee, board of trustees, board of directors, incorporator or incorporators of a mutual savings bank or mutual holding company to deny any proposal by any person or other entity not acting on behalf of the board of trustees or board of directors without such denial being construed as a failure by the trustee, board of trustees, board of directors, incorporator or incorporators to perform any legal obligation, either express or implied, if acceptance of such petition would result in either of the following:
(a) The cessation of the bank's or mutual holding company's standing as a mutual savings bank or mutual holding company; or
(b) The substantial alteration of a plan of conversion submitted for consideration by the board of trust company incorporation pursuant to RSA 386:10, II, or to the bank commissioner pursuant to RSA 394-A:10.
II. ""Mutual holding company'' means mutual holding company as defined in RSA 386-B:1, I.
Source. 1988, 168:1, eff. Jan. 1, 1989.