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2013 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 393 - BUILDING AND LOAN ASSOCIATIONS
Section 393:45 - Liquidation.


NH Rev Stat § 393:45 (2013) What's This?

    393:45 Liquidation. – All shareholders shall have the same status as to the assets of the association, and in case of liquidation one class of stock shall not have preference over any other class of stock.
    I. Notwithstanding the foregoing provisions of this section, if the commissioner has required shares initially issued to the incorporators to be issued under the conditions set forth in RSA 393:1-a, such shares issued to such incorporators shall not receive any proportionate distribution in liquidation of the corporation unless and until each holder of shares of the corporation not so restricted shall have received the full amount paid in by him, together with an equitable proportion of the profits pertaining to his shares.

Source. 1935, 82:5. RL 314:41. RSA 393:45. 1955, 51:2, eff. March 26, 1955.


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