The procedures for the organization of a subsidiary guaranty savings bank shall be as prescribed in RSA 386-A, except that: I. A majority of the trustees of the reorganizing mutual savings bank, although less than twenty in number, may serve as the incorporators of the guaranty savings bank being formed and as the petitioners seeking approval of its incorporation. II. RSA 386-A:6, V shall not apply. III. The initial capital requirement of RSA 386-A:19 and 21 shall not apply. IV. If the board of trust company incorporation grants the petition under RSA 386-A:7, it shall condition its approval upon the transfer by the reorganizing mutual savings bank to the guaranty savings bank (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the bank commissioner, such that the guaranty savings bank will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by federal statutes or regulations or state statutes or rules. V. An examination fee of $1,500 shall be paid when the petition is filed. Sums collected under this section shall be payable to the state treasurer as restricted revenue and credited to the appropriation for the bank commissioner. VI. The charter shall contain a restriction to the effect that no shares of the capital stock of the subsidiary guaranty savings bank may be directly or indirectly issued to or held by a person other than the mutual holding company unless the issuance or holding of such shares is first approved by a 2/3 majority of the board of directors of the mutual holding company and its corporators and then is approved by the bank commissioner in compliance with the provisions of this paragraph. The bank commissioner may adopt rules under the authority of RSA 386-B:12 governing the direct or indirect issuance or holding of shares of the capital stock of the subsidiary guaranty savings bank by any person other than the mutual holding company which are comparable to those adopted by the bank commissioner governing the conversion of savings banks from mutual to stock form. In no event shall shares of the capital stock of the subsidiary guaranty savings bank be directly or indirectly issued to or held by any person other than the mutual holding company unless the bank commissioner determines that it does not provide the corporators, directors, officers, and employees of the mutual holding company, and the directors or trustees, officers, and employees of the subsidiary guaranty savings bank with any benefit, privilege, or advantage not generally available to savings depositors and it does not impair the rights of the savings depositors. VII. [Repealed.]
The procedures for the organization of a subsidiary guaranty savings bank shall be as prescribed in RSA 386-A, except that: I. A majority of the trustees of the reorganizing mutual savings bank, although less than twenty in number, may serve as the incorporators of the guaranty savings bank being formed and as the petitioners seeking approval of its incorporation. II. RSA 386-A:6, V shall not apply. III. The initial capital requirement of RSA 386-A:19 and 21 shall not apply. IV. If the board of trust company incorporation grants the petition under RSA 386-A:7, it shall condition its approval upon the transfer by the reorganizing mutual savings bank to the guaranty savings bank (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the bank commissioner, such that the guaranty savings bank will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by federal statutes or regulations or state statutes or rules. V. An examination fee of $1,500 shall be paid when the petition is filed. Sums collected under this section shall be payable to the state treasurer as restricted revenue and credited to the appropriation for the bank commissioner. VI. The charter shall contain a restriction to the effect that no shares of the capital stock of the subsidiary guaranty savings bank may be directly or indirectly issued to or held by a person other than the mutual holding company unless the issuance or holding of such shares is first approved by a 2/3 majority of the board of directors of the mutual holding company and its corporators and then is approved by the bank commissioner in compliance with the provisions of this paragraph. The bank commissioner may adopt rules under the authority of RSA 386-B:12 governing the direct or indirect issuance or holding of shares of the capital stock of the subsidiary guaranty savings bank by any person other than the mutual holding company which are comparable to those adopted by the bank commissioner governing the conversion of savings banks from mutual to stock form. In no event shall shares of the capital stock of the subsidiary guaranty savings bank be directly or indirectly issued to or held by any person other than the mutual holding company unless the bank commissioner determines that it does not provide the corporators, directors, officers, and employees of the mutual holding company, and the directors or trustees, officers, and employees of the subsidiary guaranty savings bank with any benefit, privilege, or advantage not generally available to savings depositors and it does not impair the rights of the savings depositors. VII. [Repealed.]
The procedures for the organization of a subsidiary guaranty savings bank shall be as prescribed in RSA 386-A, except that: I. A majority of the trustees of the reorganizing mutual savings bank, although less than twenty in number, may serve as the incorporators of the guaranty savings bank being formed and as the petitioners seeking approval of its incorporation. II. RSA 386-A:6, V shall not apply. III. The initial capital requirement of RSA 386-A:19 and 21 shall not apply. IV. If the board of trust company incorporation grants the petition under RSA 386-A:7, it shall condition its approval upon the transfer by the reorganizing mutual savings bank to the guaranty savings bank (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the bank commissioner, such that the guaranty savings bank will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by federal statutes or regulations or state statutes or rules. V. An examination fee of $1,500 shall be paid when the petition is filed. Sums collected under this section shall be payable to the state treasurer as restricted revenue and credited to the appropriation for the bank commissioner. VI. The charter shall contain a restriction to the effect that no shares of the capital stock of the subsidiary guaranty savings bank may be directly or indirectly issued to or held by a person other than the mutual holding company unless the issuance or holding of such shares is first approved by a 2/3 majority of the board of directors of the mutual holding company and its corporators and then is approved by the bank commissioner in compliance with the provisions of this paragraph. The bank commissioner may adopt rules under the authority of RSA 386-B:12 governing the direct or indirect issuance or holding of shares of the capital stock of the subsidiary guaranty savings bank by any person other than the mutual holding company which are comparable to those adopted by the bank commissioner governing the conversion of savings banks from mutual to stock form. In no event shall shares of the capital stock of the subsidiary guaranty savings bank be directly or indirectly issued to or held by any person other than the mutual holding company unless the bank commissioner determines that it does not provide the corporators, directors, officers, and employees of the mutual holding company, and the directors or trustees, officers, and employees of the subsidiary guaranty savings bank with any benefit, privilege, or advantage not generally available to savings depositors and it does not impair the rights of the savings depositors. VII. [Repealed.]
