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Can you summarize NHRS 383-B:6-607?
DEPOSITORY BANK ACT > Dividends to Depositors of Mutual Banks and Mutual Holding Companies.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, governs the declaration and distribution of dividends to depositors of mutual banks and mutual holding companies. The board of directors of a mutual bank or mutual holding company, through its subsidiary bank or banks, has the authority to declare a dividend and distribute the capital, surplus, and retained earnings to depositors in proportion to their average funds on deposit during a 30-day period. The directors have the discretion to determine the amounts, timing, and conditions of the dividend. In the event of liquidation, any remaining assets of the mutual bank or mutual holding company after payment of liabilities and liquidation expenses shall be distributed as a dividend to depositors. The distribution is based on the average amount of their respective funds on deposit during the 30-day period preceding the commencement of liquidation proceedings. It is important to note that the document may be subject to limitations or requirements imposed by applicable federal or state laws. No specific penalties are mentioned in the document.
Whom does it apply to?
Mutual banks, mutual holding companies, subsidiary banks, depositors
What does it govern?
Dividends to Depositors of Mutual Banks and Mutual Holding Companies
What are exemptions?
The document may be limited or otherwise required by applicable federal or state laws
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire