Title XXXV, Banks and Banking; Loan Associations; Credit Unions

A credit union may purchase assets from and assume liabilities of, or sell assets and transfer liabilities to, a bank, state credit union, federal credit union, or foreign credit union if it files an application with the commissioner under RSA 383-A:6-602, subject to other federa…

The business and affairs of a credit union shall be managed by a board of not less than 5 directors elected by the members, a credit committee, if established, of not less than 3 members appointed by the board of directors, and a supervisory committee of not less than 3 members t…

No more than one member of the board of directors of a credit union shall be a member of the supervisory committee of the credit union nor shall the director be an employee of the credit union.

Directors and supervisory committee members shall be elected for a term of not less than one year nor more than 3 years, as provided in the bylaws. If the term of the directors or supervisory committee members or both is more than one year, the directors or supervisory committee …

If a director or member of the credit or supervisory committee of any credit union ceases to be a member of the credit union, his office shall thereupon become vacant.

The directors, at their first meeting after the annual meeting of the corporation, shall elect from their own number such officers as are deemed necessary and provided for in the bylaws, who shall be the executive officers of the corporation, and who shall hold office until their…

(a) The governance of a credit union shall be the responsibility of the board of directors. The board shall establish the policies for the conduct of the affairs of the credit union and shall supervise the affairs of the credit union to ensure that such policies are being adhered…

When so provided by the bylaws, the board of directors may appoint and may provide for the compensation of loan officers to act under the supervision of the credit committee or, if none, the board of directors, and the loan officers, when so appointed and when authorized by the c…

The board of directors at any regular or special meeting may, by majority vote, authorize borrowing of specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund, and undivided earnings without approval…

At such intervals and for such periods as the board of directors may authorize, and after any required transfers to the required reserves, the board of directors may declare dividends on shares and interest on deposits from current earnings. Dividends may be paid at various rates…

Members of the board of directors, credit committee, or supervisory committee may borrow from the credit union. Members of the board of directors, credit committee, and supervisory committee may borrow or become surety for loans in excess of their holdings in the credit union pro…

The board of directors may, after notice and an opportunity to be heard, expel from a credit union any member who: (a) Has not carried out his engagements with the credit union; (b) Has been convicted of a criminal offense; (c) Neglects or refuses to comply with the provisions of…

The amounts paid on shares or deposited by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds for the payments become available and after deducting any amounts due from the member.

The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates, and accumulated dividends or interest of a member in his individual, joint or trust account, for any sum past due the credit union from said member or for any loan endorsed by hi…

The supervisory committee shall inspect from time to time the accounts of the credit union and shall keep fully informed of its financial condition, and shall supervise the acts of its board of directors, credit committee, and officers, as may be provided in the bylaws.

The supervisory committee of every credit union under the supervision of the commissioner shall conduct or cause to be conducted annual audits as is required by RSA 383-A:5-509 and submit reports of condition as is required by RSA 383-A:5-510.

(a) The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that: (1) It can maintain its safety and soundness without the audit; (2) The cost of an audit would be an undue financial burden on the credit uni…

The supervisory committee chairman or his designee shall make a full report at the annual meeting, and it shall be filed and preserved with the records of the credit union.

(a) The supervisory committee may, by a unanimous vote, suspend any officer of the credit union or any member of the credit committee or of the board of directors. (b) The supervisory committee may, by a majority vote, call a meeting of the members to consider any violation of th…

Within 7 days after the suspension of any officer, or any member of the credit committee or of the board of directors, the supervisory committee shall cause notice to be given of a special meeting of the members of the credit union to take such action relative to the suspension a…

(a) Any credit union may pay to each of the members of the board of directors, credit committee, and supervisory committee for his or her services as a member of the board or committee a sum that may, from time to time, be fixed by the members at an annual meeting. No officers, d…

The annual meetings of the corporation shall be held at such time and place as the bylaws prescribe, but must be held within 120 days after the close of the fiscal year.

Special meetings of members may be called by a majority of the directors, or of the supervisory committee, and shall be called by the clerk upon written application of 10 percent of the members entitled to vote.

No member shall be entitled to have more than one vote.

At an annual or special meeting the members may review the acts of the credit committee or of the board of directors, and may reverse any decision of the committee or directors by a 75 percent vote of its members present and entitled to vote; provided, that the 75 percent vote co…

In the event of the death or the resignation or removal from office of any member of the board of directors, or of the supervisory committee, the board of directors shall fill the vacancy until the next annual meeting, at which the unexpired term shall be filled by vote of the me…

At the end of each quarterly reporting period, a transfer from current earnings shall be made to the regular reserve as set forth in 12 C.F.R. part 702. In the event that current earnings are insufficient to allow the required transfer, undivided earnings shall be utilized to aug…

No credit union shall conduct any part of its operations at any branch office except as follows: (a) A credit union may establish one or more branch offices or acquire branch offices from any credit union in any location within the state or without the state consistent with the m…

(a) A credit union may close a branch office upon the affirmative vote of a majority of its board of directors, but the closing shall not occur until the credit union has filed notice of the branch office closing with the commissioner under RSA 383-A:6-602. The credit union shall…

A credit union, federal credit union or foreign credit union that owns or operates an automated teller machine in this state shall be subject to RSA 383-B:7-705.