State Codes and Statutes
Statutes > New-hampshire > TITLEXXXV > CHAPTER386 > 386-60Except as expressly provided in RSA 386:59, the corporate powers of a mutual savings bank shall be vested solely in the corporators, who shall be deemed to be exclusively representative of, and shall exclusively represent, the various interests and communities served by the bank. Each corporator shall be entitled to cast one vote and may vote in person or by proxy. The corporators shall elect persons to serve as corporators and trustees, and may remove any corporator or trustee who has failed to properly discharge his or her duties, in the manner prescribed by the charter and bylaws. The corporators shall have authority to approve by majority vote, or by higher vote if required by applicable state laws or rules or by the charter or bylaws, the amendment of the charter and bylaws, the conversion of the bank from mutual to stock form, the formation of a mutual bank holding company, the merger or consolidation of the bank with any other banking organization, the voluntary liquidation of the bank, and any other matter expressly reserved for the approval of corporators under applicable state laws or rules or the charter or bylaws of the bank. The corporators shall consider the interests of the depositors, the borrowers and other customers of the bank, the general benefit and economic well-being of the communities served by the bank, and the safety, soundness, and general business needs of the bank in exercising their duties as corporators.
Source. 1995, 293:2, eff. June 21, 1995.
