Savings banks may invest their assets in the capital stock, obligations or other securities of real estate development corporations organized under the laws of New Hampshire provided: I. At least 51 percent of the capital stock of any such corporation is held by one or more savings banks chartered in this state; and none of such capital stock is owned by any officer, employee, trustee or incorporator of any savings bank; II. The activities of any such corporation consist solely of one or more of the following: (a) Engaging in large-scale residential housing projects of all kinds, including acquisition, subdivision and development of real estate, construction of residential housing of all kinds and related facilities, or resale to others for such construction. For purposes of this subparagraph, a large-scale residential housing project means a development containing at least 48 home building lots or a building or buildings containing at least 48 dwelling units. (b) Engaging in urban redevelopment projects of all kinds; and engaging in projects to provide housing for lower-income families; (c) Engaging in commercial and industrial real estate ventures of direct community benefit, as approved by the bank commissioner and in projects for the preservation or restoration of historically or architecturally significant buildings or structures; (d) Activities reasonably incidental to the activities described in subparagraphs (a), (b) and (c). III. Not more than $10,000,000 or 5 percent of the deposits of any savings bank, whichever is less, are invested in securities authorized for investment by this section, and not more than 2 1/2 percent of the deposits of any savings bank are invested in the securities of a single real estate development corporation which qualify for such investment hereunder. IV. Any investments by a savings bank in the preferred or common stock of real estate development corporations as authorized by this section shall be taken into account as against the total limitation of 15 percent of deposits on investments by savings banks in preferred and common stock, including shares of investment trusts, contained in RSA 387:3, V. V. No such real estate development corporation shall acquire for itself any opportunity to engage in any project or venture permitted by paragraph II of this section if a savings bank which is a stockholder of such corporation has previously rejected a written application for a mortgage loan on the security of the same project or venture, unless it appears that the mortgage loan so rejected failed to qualify as a legal investment under RSA 387:4, or unless the applicant for such mortgage loan consents in writing to the acquisition of such opportunity by such real estate development corporation. VI. The authority to invest in securities of certain real estate development corporations shall be limited to real estate holdings and development located in New Hampshire.
Savings banks may invest their assets in the capital stock, obligations or other securities of real estate development corporations organized under the laws of New Hampshire provided: I. At least 51 percent of the capital stock of any such corporation is held by one or more savings banks chartered in this state; and none of such capital stock is owned by any officer, employee, trustee or incorporator of any savings bank; II. The activities of any such corporation consist solely of one or more of the following: (a) Engaging in large-scale residential housing projects of all kinds, including acquisition, subdivision and development of real estate, construction of residential housing of all kinds and related facilities, or resale to others for such construction. For purposes of this subparagraph, a large-scale residential housing project means a development containing at least 48 home building lots or a building or buildings containing at least 48 dwelling units. (b) Engaging in urban redevelopment projects of all kinds; and engaging in projects to provide housing for lower-income families; (c) Engaging in commercial and industrial real estate ventures of direct community benefit, as approved by the bank commissioner and in projects for the preservation or restoration of historically or architecturally significant buildings or structures; (d) Activities reasonably incidental to the activities described in subparagraphs (a), (b) and (c). III. Not more than $10,000,000 or 5 percent of the deposits of any savings bank, whichever is less, are invested in securities authorized for investment by this section, and not more than 2 1/2 percent of the deposits of any savings bank are invested in the securities of a single real estate development corporation which qualify for such investment hereunder. IV. Any investments by a savings bank in the preferred or common stock of real estate development corporations as authorized by this section shall be taken into account as against the total limitation of 15 percent of deposits on investments by savings banks in preferred and common stock, including shares of investment trusts, contained in RSA 387:3, V. V. No such real estate development corporation shall acquire for itself any opportunity to engage in any project or venture permitted by paragraph II of this section if a savings bank which is a stockholder of such corporation has previously rejected a written application for a mortgage loan on the security of the same project or venture, unless it appears that the mortgage loan so rejected failed to qualify as a legal investment under RSA 387:4, or unless the applicant for such mortgage loan consents in writing to the acquisition of such opportunity by such real estate development corporation. VI. The authority to invest in securities of certain real estate development corporations shall be limited to real estate holdings and development located in New Hampshire.
Savings banks may invest their assets in the capital stock, obligations or other securities of real estate development corporations organized under the laws of New Hampshire provided: I. At least 51 percent of the capital stock of any such corporation is held by one or more savings banks chartered in this state; and none of such capital stock is owned by any officer, employee, trustee or incorporator of any savings bank; II. The activities of any such corporation consist solely of one or more of the following: (a) Engaging in large-scale residential housing projects of all kinds, including acquisition, subdivision and development of real estate, construction of residential housing of all kinds and related facilities, or resale to others for such construction. For purposes of this subparagraph, a large-scale residential housing project means a development containing at least 48 home building lots or a building or buildings containing at least 48 dwelling units. (b) Engaging in urban redevelopment projects of all kinds; and engaging in projects to provide housing for lower-income families; (c) Engaging in commercial and industrial real estate ventures of direct community benefit, as approved by the bank commissioner and in projects for the preservation or restoration of historically or architecturally significant buildings or structures; (d) Activities reasonably incidental to the activities described in subparagraphs (a), (b) and (c). III. Not more than $10,000,000 or 5 percent of the deposits of any savings bank, whichever is less, are invested in securities authorized for investment by this section, and not more than 2 1/2 percent of the deposits of any savings bank are invested in the securities of a single real estate development corporation which qualify for such investment hereunder. IV. Any investments by a savings bank in the preferred or common stock of real estate development corporations as authorized by this section shall be taken into account as against the total limitation of 15 percent of deposits on investments by savings banks in preferred and common stock, including shares of investment trusts, contained in RSA 387:3, V. V. No such real estate development corporation shall acquire for itself any opportunity to engage in any project or venture permitted by paragraph II of this section if a savings bank which is a stockholder of such corporation has previously rejected a written application for a mortgage loan on the security of the same project or venture, unless it appears that the mortgage loan so rejected failed to qualify as a legal investment under RSA 387:4, or unless the applicant for such mortgage loan consents in writing to the acquisition of such opportunity by such real estate development corporation. VI. The authority to invest in securities of certain real estate development corporations shall be limited to real estate holdings and development located in New Hampshire.
