1. I. Any qualified educational institution may form a voluntary nonprofit corporation in accordance with this chapter for the purposes specified in this chapter. A qualified educational institution may form a loan corporation either:

   1. (a) By organizing a new voluntary nonprofit corporation as provided in this chapter; or
   2. (b) By amending the articles of agreement and bylaws of an existing voluntary nonprofit corporation organized under RSA 292 to conform the articles and bylaws to the requirements of RSA 195-E:5-9; or
   3. (c) By adopting the articles of agreement and bylaws of an existing corporation validly organized by any other entity pursuant to subparagraphs (a) or (b); or
   4. (d) By merging any voluntary nonprofit corporation organized under RSA 292 with any existing loan corporation validly organized by any other entity pursuant to subparagraphs (a) or (b).
2. II. The provisions of RSA 195-E:3-9 shall not apply to the foundation.

Source. 1981, 229:1. 1983, 112:3, eff. May 25, 1983.