Section 393:7 Value of Serial Shares.
Serial shares shall be divided into shares of an ultimate value of $100 or multiple thereof. However, the ultimate value of the serial shares pledged in amount to repay the loan upon maturity shall not exceed a multiple that would extend the term of the loan in excess of 30 years. Such shares may be issued in quarterly, half-yearly, or yearly series, each series to consist of such number of shares as the directors may determine, but no shares of a prior series shall be issued until said series shall have been 5 years in force.
Source. 1947, 24:2. RSA 393:7. 1967, 127:1, eff. July 18, 1967.