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Can you summarize NHRS 383-B:6-606?
DEPOSITORY BANK ACT > Rights of Depositors of Mutual Banks or Mutual Holding Companies.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, governs the rights of depositors at mutual banks or mutual holding companies. Depositors at a mutual bank have an undivided inchoate interest in the net worth of the bank, proportionate to the amount of their funds in the account divided by the aggregate amount of all funds on deposit. This interest terminates upon withdrawal of funds or upon declaration of dividends or commencement of liquidation proceedings. If a bank is owned by a mutual holding company, depositors of the bank also have an inchoate interest in the net worth of the holding company. In the event of a conversion from mutual to stock form, the proprietary interest of depositors is transferred to the liquidation account. Depositors of a mutual savings bank or association members of a savings association have the right to vote on the conversion of a mutual bank or mutual holding company. Each depositor or association member is entitled to cast one vote. This document was sourced from the New Hampshire Revised Statutes in 2015.
Whom does it apply to?
Depositors at mutual banks and mutual holding companies
What does it govern?
Rights of Depositors of Mutual Banks or Mutual Holding Companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire