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RSA 383-B:6-602 · Capital Debentures; Special Deposits
383-B:6-602 Capital Debentures; Special Deposits. – The initial capital required to organize a mutual bank shall be in the form of capital debentures or special deposits. The commissioner shall first approve the maturity, interest rate, and repayment provisions of each debenture or special deposit. No retirement of capital debentures or special deposits, in whole or in part, shall be permitted which would leave its capital less than the minimum amount required by the commissioner. The total amount of the capital debentures or special deposits of a mutual bank held by any other bank shall not at any time exceed 10 percent of the total amount of capital debentures or special deposits issued by the mutual bank. The capital debentures shall be transferable only on the books of the mutual bank and shall be subordinate to all general deposits and to all other debts, claims and obligations of the mutual bank. The issuance of capital debentures and special deposits, including increases therein, shall be governed by RSA 383-A:4-403. Source. 2015, 272:16, eff. Oct. 1, 2015.
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Source. 2015, 272:16, eff. Oct. 1, 2015.
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- 2015, 272:16, eff. Oct. 1, 2015
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and retrievable in perceivable form. XIII. “Special deposit” means a deposit that satisfies RSA 384-H:5. The term shall not include a “special deposit” within the meaning of RSA 383-B:6-602. XIV. “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. The t