State Codes and Statutes
Statutes > New-hampshire > TITLEXXXV > CHAPTER386 > 386-61
I. Any person having funds on deposit in a time, savings, or demand account or accounts at a mutual savings bank shall have an undivided inchoate interest in the net worth of the bank in proportion to the amount of such person's funds in such account or accounts divided by the aggregate amount of all funds of persons on deposit in time, savings, and demand accounts at the bank at the time the interest ripens into a vested estate. Such inchoate interest shall terminate upon the withdrawal of a depositor's funds in a time, savings, or demand account or accounts from the bank. Such inchoate interest shall be of no force or effect unless and until a dividend is declared or liquidation proceedings are commenced pursuant to RSA 386:62.
II. In the event that a mutual savings bank converts from mutual to stock form, the inchoate interest of depositors shall be transferred to the liquidation account of the converted bank in the manner prescribed by applicable state laws and rules.
III. Depositors shall have the right to vote to give approval to a conversion of a bank from mutual to stock form in a transaction involving the issuance of securities of any bank or bank holding company other than the securities of the converting bank or the securities of a holding company organized by the converting bank in order to acquire its capital stock, as required in RSA 386:10, II. Each depositor shall be entitled to cast one vote and may vote in person or by proxy.
Source. 1995, 293:2, eff. June 21, 1995.
