reglab/housing_qa huggingface dataset:
NH Rev Stat § 383-E:4-405 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-405 - Corporate Securities.

    383-E:4-405 Corporate Securities. –||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 of a lesser rating will be legal if the common stock would otherwise qualify.||(b) All preferred stocks issued, assumed or guaranteed by entities incorporated in the United States. The obligations shall be rated among the 3 highest ratings of any NRSRO.||(c) The common stock or senior securities convertible into common stock of entities incorporated in the United States of America provided:||(1) The stock is listed on an exchange and is ranked among the 3 highest ratings of any NRSRO.||(2) At the time of purchase, any common stock investment under this section when added to the book value of all other common stock securities presently owned of the same entity shall not exceed 5 percent of a credit union's capital funds.||(d) The bonds and notes issued, assumed or guaranteed by any entity organized under the laws of this state or carrying on its principal manufacturing within this state, provided that:||(1) The entity shall have, at the date of investment, a net worth of at least $1,000,000; and||(2) In at least 4 of the 5 years next preceding the date of investment, the net income available for interest plus the federal income tax of the entity shall have been not less than twice the interest on its obligations.||(e) The dividend-paying capital stock of any entity organized under the laws of this state or carrying on its principal manufacturing within this state, provided:||(1) All securities, if any, senior to such stock are legal investments hereunder, and the entity shall have at the date of such investment a net worth of at least $1,000,000.||(2) In at least 4 of the 5 years next preceding the date of investment, the entity shall have earned net income available for dividends on the entire outstanding issue of the stock in question of not less than 4 percent on the par or stated value of such stock.||(3) No credit union shall hold more than 5 percent of the outstanding stock of any entity.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-406 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-406 - Bank Stock.

    383-E:4-406 Bank Stock. –||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 and surplus shall represent not less than 4 percent of the total assets in at least 4 of the 5 years immediately preceding investment.||(3) Net earnings shall have averaged not less than 4/10 of one percent of average total assets over the same 5 years immediately preceding investment.||(4) The total loans to total deposits shall not be greater than 80 percent.||(b) The securities of any bank or trust company, or the special deposits of any investor-owned savings bank incorporated under the laws of this state and doing business herein, and the capital notes and the capital stock of any federally chartered bank in this state; but the amount of such notes or stock or special deposits held by any credit union as an investment and as collateral for loans shall not exceed 1/4 of the total capital notes and capital stock of the bank, except if held on or before June 1, 1979.||(c) The securities of any New Hampshire bank holding company which is registered with the board of governors of the Federal Reserve System under 12 U.S.C. section 1844, but the amount of capital stock held by any credit union in legal form or represented by voting trust certificates as an investment and as collateral for loans shall not exceed 1/4 of the total capital stock of such New Hampshire bank holding company.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-407 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-407 - Investment Trust Shares.

    383-E:4-407 Investment Trust Shares. –||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, provided that:||(1) If the company acts as its own investment manager it must have been in business for at least 5 years, have at least $50,000,000 of net assets and have paid dividends for at least 4 of the 5 years immediately preceding investment.||(2) In the event that the company employs outside investment management then those investment managers must have a total of at least $100,000,000 under management and the fund must have been in business for at least 5 years, have net assets of $50,000,000 and have paid dividends for at least 4 of the 5 years immediately preceding investment.||(b) The shares of any management type investment company that is a member of a group of 3 or more mutual funds under the same investment manager, provided that:||(1) Such manager has at least $100,000,000 of assets under management, and||(2) The Company has at least $10,000,000 of net assets.||(c) Unit investment trusts with principal of at least $1,000,000, if authorized for sale in this state.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-408 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-408 - Other Legal Investments.

    383-E:4-408 Other Legal Investments. –||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 cash depositories under RSA 383-B:3-301(k), provided that total advances of federal funds under this subsection shall not exceed 20 percent of the credit union's shares and deposits, and the total of such advances by a credit union to any one bank shall not exceed 10 percent of the bank's capital funds.||(c) The obligations issued or guaranteed by the International Bank for Reconstruction and Development provided that such obligations are payable in dollars in the United States, and that the principal office of the obligor is, at the time of making such investment, located within the United States.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-409 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-409 - Loan of Securities.

    383-E:4-409 Loan of Securities. –||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 through a correspondent bank having assets of not less than $500,000,000;||(b) At the inception of the loan at least 100 percent of the market value of the securities lent shall be secured by cash or debt obligations of the United States or debt obligations for which the faith and credit of the United States is pledged for the payment of the principal and interest thereof;||(c) At all times during the term of the loan the collateral securing the same shall be equal in value to not less than 95 percent of the market value of the securities loans by the credit union;||(d) The market value of the securities loaned by the credit union under the authority of this action shall not, at any one time, exceed 10 percent of the aggregate market value of all stocks, bonds or other securities then held by the credit union as investments under this chapter; and||(e) No loan shall be made to any brokerage firm which is then listed for and under special surveillance by an exchange in the belief that such brokerage firm is in or is approaching financial difficulty, and which is, at the time, the subject of any pending notice given by any exchange to the Securities Investor Protection Corporation and the Securities and Exchange Commission under 15 U.S.C. section 78eee(a)(1).||(f) Every brokerage firm receiving the loan under this section shall be registered, and every agent soliciting the loan shall be licensed, with the bureau of securities regulation of the secretary of state.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-410 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-410 - Retention of Securities.

    383-E:4-410 Retention of Securities. –||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 to retain the security.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-411 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-411 - Advantageous Federal Powers.

    383-E:4-411 Advantageous Federal Powers. –||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 Union Administration before exercising a power, the credit union shall make the same application to the commissioner for permission to exercise such power.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-412 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-412 - Minors.

    383-E:4-412 Minors. –||Shares may be issued and deposits received in the name of a minor, and such shares and deposits may, in the discretion of the directors, be withdrawn by such minor, or by his parent or guardian, and in either case payments made on such withdrawals shall be valid, and shall release the credit union from any liability to the minor, parent or guardian. A minor shall not have the right to vote.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-413 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-413 - Deposit Accounts.

    383-E:4-413 Deposit Accounts. –||Deposits of a credit union shall be subject to Article 4 of RSA 383-B.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-414 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-414 - Retirement Accounts.

    383-E:4-414 Retirement Accounts. –||A credit union may act as trustee of pension and profit-sharing plans. A credit union may also act as trustee or custodian of:||(a) Individual retirement accounts authorized by federal and state law;||(b) Pension funds of self-employed individuals or of an entity or organization sponsoring the credit union;||(c) Deferred compensation plans; and||(d) Other similar retirement or pension plans.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-415 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-415 - Interest on Escrow Accounts.

    383-E:4-415 Interest on Escrow Accounts. –||Escrow accounts of credit unions, federal credit unions and foreign credit unions having escrow accounts in this state shall be subject to RSA 383-B:3-303(a)(7)(E).|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-416 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-416 - Safe Deposit Boxes.

    383-E:4-416 Safe Deposit Boxes. –||Safe deposit boxes of credit unions, federal credit unions, and foreign credit unions having safe deposit boxes in this state shall be subject to Article 5 of RSA 383-B.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:4-417 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:4-417 - Transactions Involving Assets and Liabilities.

    383-E:4-417 Transactions Involving Assets and Liabilities. –||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 federal or state regulatory approvals.|||Source. 2015, 272:16, eff. Oct. 1, 2015. 2017, 209:14, eff. Sept. 8, 2017.|
NH Rev Stat § 383-E:5-501 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-501 - Elections and Appointments.

    383-E:5-501 Elections and Appointments. –||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 to be elected by the members at the annual meeting.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-502 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-502 - Qualifications.

    383-E:5-502 Qualifications. –||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.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-503 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-503 - Terms of Directors and Officials.

    383-E:5-503 Terms of Directors and Officials. –||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 members or both shall be divided into classes, each class to be as equal in number as possible, and one class of directors or supervisory committee members or both shall be elected each year. Except as provided in RSA 383-E:5-504, directors and supervisory committee members shall hold their several offices until others are elected and qualified in their stead. The members of the credit committee shall be appointed for a term not to exceed one year.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-504 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-504 - Vacancies.

    383-E:5-504 Vacancies. –||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.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-505 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-505 - Electing Officers.

    383-E:5-505 Electing Officers. –||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 successors shall have been elected and qualified.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-506 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-506 - Responsibilities of Directors and Officers.

    383-E:5-506 Responsibilities of Directors and Officers. –||(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 to by its officers and employees and that its operations are in compliance with federal and state laws and regulations and the credit union's organizational documents. Neither the board nor individual directors may delegate their duties to govern the credit union. Each director shall discharge his or her duties under the same standards that exist for a director of a business corporation under the Corporation Act except that director shall be subject to a fiduciary duty when he or she is acting on matters related to the proprietary interests of members.||(b) The president shall be responsible for carrying out the policies of the board and managing the day-to-day affairs of the credit union and shall be accountable to the board of directors in the performance of his or her duties. Each officer with discretionary authority shall discharge his or her duties under the same standards that exist for an officer of a business corporation under RSA 293-A:8.42 except that an officer of a credit union which serves as a fiduciary shall be subject to a fiduciary duty when he or she is acting on matters related to the proprietary interests of members.||(c) Subject to its oversight and any limitation set forth in the organizational documents or this chapter, the board of directors of a credit union may create one or more committees, delegate to each committee any powers and duties that the board of directors deems appropriate, and appoint one or more directors, officers, and other natural persons to serve on each committee. The following requirements shall apply to any committee so created:||(1) Each member of a committee shall be subject to the same standards of conduct to which a director is subject in accordance with this section;||(2) Each committee shall keep minutes of its activities and shall report to the board of directors as frequently as the board of directors requires; and||(3) The creation of, delegation of power or duties to, or action by a committee does not alone constitute a director's compliance with the standards of conduct as set forth in this section.|||Source. 2015, 272:16, eff. Oct. 1, 2015. 2021, 51:11, eff. July 24, 2021.|
NH Rev Stat § 383-E:5-507 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-507 - Loan Officers.

    383-E:5-507 Loan Officers. –||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 credit committee, or, if none, the board of directors, may approve or disapprove loans as prescribed in the lending policy, without the necessity for a meeting or approval by any member of the credit committee or, if none, the board of directors. A member whose application was disapproved by a loan officer may appeal the action to the credit committee or, if none, the board of directors, which may, by majority vote, reverse the loan officer's decision.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-508 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-508 - Borrowing.

    383-E:5-508 Borrowing. –||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 of the commissioner.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-509 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-509 - Dividends.

    383-E:5-509 Dividends. –||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 with due regard to the conditions that pertain to each type of share or deposit account such as minimum balance, notice and time requirements. Dividends may be paid from the undivided earnings of previous years if the payment of the dividends does not cause the net worth of the credit union to fall below "Well Capitalized," as set forth in 12 C.F.R. part 702 Prompt Corrective Action (PCA). Payment of these dividends from prior years' undivided earnings shall be reported to the commissioner within 30 days of dividend declaration. With prior approval of the commissioner, dividends may be paid from the undivided earnings of previous years if the payment of the dividends does cause the credit union's net worth to fall below "Well Capitalized" as set forth in 12 C.F.R. part 702 Prompt Corrective Action (PCA).|||Source. 2015, 272:16, eff. Oct. 1, 2015.|
NH Rev Stat § 383-E:5-510 (2021)
2021 New Hampshire Revised Statutes|Title XXXV - Banks and Banking; Loan Associations; Credit Unions|Title 383-E - Credit Union Act|Section 383-E:5-510 - Loans to Officials.

    383-E:5-510 Loans to Officials. –||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 provided the loans are approved by a majority of the members of the board of directors; provided, that no member of a credit committee or supervisory committee shall have a vote concerning his or her own loan application, or be entitled to participate in the deliberations regarding said loan. No loan to the official shall receive terms more favorable than those extended to other persons borrowing from said credit union.|||Source. 2015, 272:16, eff. Oct. 1, 2015.|