Section 383-B:6-610 - Reorganization of Mutual Bank by Merger As an alternative to the procedure set forth in RSA 383-B:6-609, a mutual bank may reorganize into a mutual holding company structure under a plan of reorganization, by taking or causing to be taken the following actions:
(a) The mutual bank shall organize a mutual holding company conforming its organization, governance and powers to those prescribed for a mutual holding company by RSA 383-B:6-616 in the same manner as a bank under RSA 383-A. The mutual bank may provide funds to the mutual holding company for the purpose of enabling it to capitalize the subsidiary bank, to cover the expenses of organization, and to provide initial working capital. If the organizational instrument is approved by the commissioner, he or she shall certify the approval on the organizational instrument, which shall be thereupon filed in the office of the secretary of state.(b) The mutual bank and the newly organized mutual holding company shall organize a subsidiary bank to be wholly-owned by the mutual holding company upon completion of the reorganization in accordance with the procedures of RSA 383-B:6-617.(c) The mutual bank shall combine with the subsidiary bank. As part of the combination, the proprietary interests of the depositors in the mutual bank immediately prior to the combination shall be exchanged for identical proprietary interests in the mutual holding company.Added by 2015 , 272: 16, eff. 10/1/2015. 2015, 272 : 16 , eff. Oct. 1, 2015.