A mutual bank may reorganize as a mutual holding company owning a subsidiary bank under a plan of reorganization, by taking or causing to be taken the following actions:

1. (a) The mutual bank shall organize a wholly-owned subsidiary bank in accordance with the procedures of RSA 383-B:6-617.
2. (b) The mutual bank shall transfer to the subsidiary bank a substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for all of the capital stock of the subsidiary bank.
3. (c) The mutual bank shall adopt an amended and restated organizational instrument changing its name, and conforming its organization, governance, and powers to those prescribed for a mutual holding company by RSA 383-B:6-616.

Source. 2015, 272:16, eff. Oct. 1, 2015. 2019, 169:9, eff. July 10, 2019.