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

The combination of credit unions is required to be approved by a state credit union first by a majority of its full board of directors and then by a majority of its members present and voting at a meeting called for that purpose.

The credit union resulting from a combination may change the name of the resulting credit union with the permission of the commissioner.

As part of the proceedings for the combination authorized by this article, the credit union resulting from the combination shall be authorized to operate any branch office or other office of the other credit union acquired in the combination unless otherwise ordered by the commis…

A state credit union may be converted into a federal credit union by complying with the following requirements: (a) A majority of the directors of the state credit union shall first approve the proposition for the conversion and set a date for a vote on the conversion by the memb…

A federal credit union may be converted into a state credit union by complying with such requirements of this chapter as would have enabled it to have originally qualified for organization as a state credit union. When the commissioner has been satisfied that the requirements, an…

The commissioner may adopt rules governing the terms and conditions of conversions under this Article.

If a special meeting is called for the purpose of addressing dissolution of a credit union and a majority of the members are in attendance, upon recommendation of not less than 2/3 of the board of directors, the members may dissolve the credit union by the vote of 2/3 of the memb…

Upon a vote dissolving the credit union, the members shall elect a committee of 3 persons to liquidate the assets of the credit union. The committee shall act under the control of the commissioner. Each paid-in share according to the amount paid in shall be entitled to its propor…

A corporate credit union may be incorporated under this chapter and shall be subject to all parts of this chapter not inconsistent with this subdivision.

A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are: (a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (b) To act…

(a) Membership in the corporate credit union shall consist of and be limited to the subscribers to the articles of incorporation, credit unions organized under this chapter, credit unions organized under the Federal Credit Union Act or under any other credit union act, organizati…

Only one corporate credit union shall be incorporated under this chapter and no other credit union may use the term "corporate credit union" as a part of its name.

Application to form a corporate credit union shall be made in writing to the commissioner. The application shall contain the names of at least 15 credit unions which have agreed to subscribe to shares in the corporate credit union at the time the application is made. (a) The appl…

A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter. In addition to such powers and privileges, and notwithstanding any limitations or restrictions found elsewhere in this chapter, a corporate credit union may: …

The corporate credit union may exercise such incidental powers or privileges as are conferred upon federal corporate credit unions, subject to the approval of the commissioner.

The corporate credit union may enter into agreements for the purpose of participation in any state or federal central liquidity facility or central financial system for credit unions, and for the purpose of aiding credit unions in establishing concentrated lines of credit with ot…

The corporate credit union shall have a right of immediate set-off against the balances of the share and deposit accounts of each member for any amounts due from the member to the corporate credit union. (a) The corporate credit union shall have a lien on all share and deposit ac…

The board of directors of a corporate credit union shall meet at least every 90 days in person or by means of telephone, as provided in the bylaws. The annual meeting of the members of the corporate credit union shall be held at such time as is prescribed in the bylaws. Each memb…

The operating fees established by the commissioner under RSA 383:11 shall make allowances for the special purposes and operations of a corporate credit union.

A corporate credit union shall be exempt from the regular reserve requirements of RSA 383-E:8-801 but shall be required to establish and maintain an equity reserve to meet losses, in accordance with rules adopted by the commissioner, under RSA 541-A.

The corporate credit union shall be exempt from the securities laws of New Hampshire.

(a) Each term defined under RSA 383-A shall have the same meaning for purposes of this chapter. (b) For purposes of this chapter, the following definitions apply: (1) "Branch office" means a place or location, other than its main office, at which a credit union receives the money…

Seven or more persons, resident in this state, who have associated themselves by an agreement in writing with the intention of organizing a corporation for the purpose of accumulating and investing the savings of its members and making loans to members for provident purposes, may…

A corporation organized under this chapter shall be known as a credit union, and its corporate name shall include the 2 words "credit union." Other distinguishing words may be used by permission of the commissioner.

Except associations heretofore incorporated, no person shall use a name or title containing the words "credit union" or any derivation thereof or be represented in the person's advertising or otherwise, as conducting business as a credit union, except a credit union organized und…

(a) The organizer of a credit union shall apply for a charter by filing an application under RSA 383-A:6-602. The commissioner shall prescribe the form of the application. The form shall specify information required to process the application. Such information shall include: the …

For the purpose of any investigation or examination under this chapter, the commissioner shall have the power to subpoena witnesses and administer oaths in any adjudicative proceedings, and to compel, by subpoena duces tecum, the production of all books, records, files, and other…

The commissioner may order within his or her discretion a public hearing on the application. The commissioner may approve or deny the application with or without a public hearing. Any required public hearing shall be held at the time and place fixed by the commissioner and a noti…

(a) If the commissioner determines that the application meets all of the requirements of this chapter and other applicable federal and state laws, the commissioner shall grant a charter to the credit union by issuing a notice of approval of the organization of the credit union, s…

Following the approval of the application by the commissioner and the filing of the bylaws with the secretary of state, the organizer of a credit union shall hold the rights to the charter. The organizer and all persons purporting to act for the credit union shall be jointly and …

The organizer shall submit evidence to the commissioner that it has adopted bylaws, elected, or caused to be elected, the directors and officers required by its organizational documents and satisfied all other requirements of the charter.

Upon receipt of the information described in RSA 383-E:3-309, the commissioner shall cause an examination to be made. If the commissioner determines that all requirements of the approval have been satisfied, the commissioner shall issue a certificate authorizing the credit union …

The board of directors of a credit union may, by majority vote, amend the bylaws if the credit union files an application describing the proposed amendment under RSA 383-A:6-601 and it is permitted to do so by the commissioner based on the considerations set forth in RSA 383-E:3-…

If a board of directors of a credit union proposes to make a material change in the strategic plan, funding plan or other factors considered by the commissioner in granting a charter to the credit union within 5 years of its receipt of a certificate to engage in business under RS…

A credit union may receive the money of its members on deposit and in payment of shares, upon such terms and in such amounts as its board of directors may prescribe. It may make loans to its members on such terms and upon such security, real or personal, as its written lending po…

While awaiting call of its members for loans, a credit union may make use of its funds as described in and according to the limitations of the following subsections: (a) It may deposit its money in any corporate credit union whose shares and deposits are insured by the National C…

The following limitations shall be observed with respect to the investments of credit unions: (a) Not exceeding 5 percent of total assets shall be invested in preferred or common stock. (b) Not exceeding 5 percent of total assets shall be invested in bonds of the Dominion of Cana…

The following described securities are legal investments: (a) The authorized bonds and notes of the state of New Hampshire or of any municipal government in New Hampshire, including all authorities, commissions, districts or similar divisions of state or municipal government, pro…

The following described securities are legal investments: (a) Obligations in the form of bonds and notes issued, assumed, or guaranteed by entities incorporated in the United States of America. The obligations shall be among the 3 highest ratings of any NRSRO. Convertible bonds o…

The following described securities are legal investments: (a) The securities of any bank or bank holding company incorporated in the United States, provided that: (1) Such bank or bank holding company shall have a total capital and surplus of at least $50,000,000. (2) The capital…

The following described shares or units are legal investments if listed on an exchange or authorized for sale in this state by the bureau of securities regulation of the secretary of state: (a) The shares of any management type investment company, either open-end or close-end, pr…

The following described securities are legal investments: (a) Acceptances of member banks of the Federal Reserve System of the times and maturities made eligible for rediscount and purchased by Federal Reserve Banks. (b) Advances of federal funds to banks which also qualify as ca…

In order to increase income from investment securities, any credit union may loan to brokerage firms which are members of an exchange any stocks, bonds or other securities in which the credit union has invested under this chapter provided that: (a) Each loan shall be executed thr…

Any security held under RSA 383-E:4-404 through 409 which becomes nonlegal because of changes in the law relating to legal investments or because of conditions arising subsequent to the purchase of such security, may be retained upon application to the commissioner for approval t…

A credit union shall have and may exercise any power, right, benefit or privilege, now or hereafter authorized for federal credit unions by federal legislation, regulation or ruling, provided that, if federal law requires a federal credit union to apply to the National Credit Uni…