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Can you summarize NHRS 383-B:6-615?
DEPOSITORY BANK ACT > Continuation of Operations and Depositor Interest.
Short Summary
This provision, found in the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, allows the commissioner to permit newly created, wholly-owned subsidiary banks of mutual holding companies to represent themselves as a continuation of the operations of the mutual bank that organized them. This representation must comply with the relevant statutes and be consistent with the new subsidiary bank’s operations under the reorganization plan. Depositors of the mutual bank prior to the reorganization are entitled to have their deposits transferred to the subsidiary bank with the same amounts, interest rates, and terms, without interruption of interest. These deposits will continue to be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law. Additionally, depositors will have proprietary interests in the net worth of the mutual holding company, similar to their interests in the mutual bank prior to the reorganization. The provision does not specify any penalties or exemptions.
Whom does it apply to?
Newly created, wholly-owned subsidiary banks of mutual holding companies
What does it govern?
Continuation of operations and depositor interest
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire