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HB159: relative to meetings of the directors of nondepository trust companies.
Bill details
Version history, amendments, and roll-call votes were not present in the imported local bill data.
Sponsors
- John B. Hunt House · Ches 28
- Joseph Kenney Senate · Dist 3
Topics
Official links
CHAPTER 122
HB 159 - FINAL VERSION
13feb03... 0099h
2003 SESSION
03-0423
06/10
HOUSE BILL 159
AN ACT relative to meetings of the directors of nondepository trust companies.
AMENDED ANALYSIS
This bill requires directors of nondepository trust companies to meet a minimum of 4 times a year.
Nondepository trust companies engage solely in trust activities for their customers. They do not accept deposits, make loans, or engage in regular banking business.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13feb03... 0099h
03-0423
06/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to meetings of the directors of nondepository trust companies.
Be it Enacted by the Senate and House of Representatives in General Court convened:
122:1 Meetings; Records; Highly Rated Nondepository Trust Company Directors. Amend RSA 384:7 to read as follows:
384:7 Meetings; Records. The trustees or directors shall meet on a regular basis as often as necessary but not less than 9 times per year[; and], except that the directors of a nondepository trust company that has a composite rating of at least 2 as a result of the most recent examination by the bank commissioner, shall meet on a regular basis as often as necessary but not less than 4 times per year. At such meetings the work for the preceding period of the investment committee, and of all other committees appointed by the trustees or directors, shall be submitted to the board for examination. A record of the meeting shall be kept, showing the names of the trustees or directors present. A majority of the board of trustees or directors shall be a quorum for the transaction of business. The board of trustees or directors shall adopt a policy providing standards for determining the number of absences by a director or trustee from meetings of the board or the committees which shall result in a declaration of dereliction of duty by the board and its removal of the director or trustee from office.
122:2 Effective Date. This act shall take effect 60 days after its passage.
(Approved: June 12, 2003)
(Effective Date: August 11, 2003)