Section 394-B:20 Bank Stock.
The following described securities are legal investments:
I. The securities of any bank or bank holding company incorporated in the United States, provided that:
(a) Such bank or bank holding company shall have a total capital and surplus of at least $50,000,000.
(b) The capital and surplus shall represent not less than 4 percent of the total assets in at least 4 of the 5 years immediately preceding investment.
(c) Net earnings shall have averaged not less than 4/10 of one percent of average total assets over the same 5 years immediately preceding investment.
(d) The total loans to total deposits shall not be greater than 80 percent.
II. (a) The securities of any banking or trust company, or the special deposits of any guaranty savings bank incorporated under the laws of this state and doing business herein, and the capital notes and the capital stock of any federally chartered bank in this state; but the amount of such notes or stock or special deposits held by any credit union as an investment and as collateral for loans shall not exceed 1/4 of the total capital notes and capital stock of such banking or trust company or guaranty savings bank or federally chartered bank, except if held on or before June 1, 1979.
(b) The securities of any New Hampshire bank holding company which is registered with the board of governors of the Federal Reserve System under 12 U.S.C. section 1844 (1956), but the amount of capital stock held by any credit union in legal form or represented by voting trust certificates as an investment and as collateral for loans shall not exceed 1/4 of the total capital stock of such New Hampshire bank holding company.
Source. 1983, 195:1, eff. Aug. 14, 1983.