Section 386-B:2 Reorganization of a Mutual Savings Bank as a Mutual Holding Company.
A mutual savings bank may reorganize, under a plan of reorganization adopted by the bank and submitted to and approved by the bank commissioner as hereinafter provided, as a mutual holding company owning a subsidiary guaranty savings bank, by taking or causing to be taken the following actions:
I. Chartering a subsidiary guaranty savings bank in accordance with the procedures of RSA 386-B:9, a majority of the stock of which will be owned by the mutual holding company emerging from the reorganization.
II. Transferring to the subsidiary guaranty savings bank the substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for the stock of the guaranty savings bank.
III. Adopting an amended and restated charter changing its name, and conforming its organization, governance and powers to those prescribed for a mutual holding company by RSA 386-B:8.
Source. 1985, 267:1. 1988, 2:2. 1995, 293:5, eff. June 21, 1995.