reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:3-308 - Charter Rights; Liability.

383-E:3-308 Charter Rights;  Liability. –
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 severally liable for any liability created on its behalf until the organization is completed and a certificate to commence operations is issued by the commissioner.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:3-309 - Completion of Organization.

383-E:3-309 Completion of Organization. –
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.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:3-310 - Authorizing Commencement of Operations.

383-E:3-310 Authorizing Commencement of Operations. –
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 to commence operations. The cost of such examination shall be paid by the credit union.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:3-311 - Amendment of Bylaws.

383-E:3-311 Amendment of Bylaws. –
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:3-301, as applicable.
Source.
2015, 272:16, eff. Oct. 1, 2015. 2017, 209:12, eff. Sept. 8, 2017.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:3-312 - Material Change in Operating Conditions.

383-E:3-312 Material Change in Operating Conditions. –
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 RSA 383-E:3-310, the board may not make such change unless it submits an application seeking approval of the change to the commissioner as provided in RSA 383-A:6-602 and it is permitted to do so by the commissioner.
Source.
2015, 272:16, eff. Oct. 1, 2015. 2017, 209:13, eff. Sept. 8, 2017.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:4-401 - Deposits; Loans.

383-E:4-401 Deposits;  Loans. –
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 policy may prescribe.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:4-402 - Use of Funds.

383-E:4-402 Use of Funds. –
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 Credit Union Administration or other qualified share and deposit insurance fund deemed acceptable by the commissioner, and may deposit its money in any federally insured bank.
(b) It may invest any surplus in obligations of the United States government, including any loans included in the Participation Sales Act of 1966, 12 U.S.C. section 1701, or of the state, or of any county, city or town of the state issued under authority of law.
(c) It may invest in securities, obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency thereof or in any trust or trusts established for investing directly or collectively in the same.
(d) Any credit union with assets of $3,000,000 or more may purchase real estate mortgages secured by real estate wherever situate which are guaranteed by the Federal Housing Administration and may purchase real estate mortgages secured by real estate in this state and in any state which are guaranteed by the United States government through the insured loan program of the Farmer's Home Administration. It may be an originator or participating lender in participating loans as defined in RSA 383-B:3-303(d)(8), provided that its participation in such loans shall be within such limits as are prescribed in RSA 383-E:4-403.
(e) The board of directors shall establish and maintain a written investment policy which shall be reviewed not less than annually. The board of directors may, by majority vote of such board, delegate investment authority as prescribed in the credit union's written investment policy to a committee established by, or officers designated by, the board for such purpose. All investments will be reviewed in every meeting of the board of directors.
(f) All investments in securities shall be supported by a documented credit and risk analysis. Such analysis shall be applied to securities as a part of a pre-purchase and ongoing due-diligence process. Assessments of creditworthiness and risk shall not be solely reliant on external credit ratings, if any, provided by one or more NRSROs. Any investment in a debt security shall meet the investment grade debt security standard.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:4-404 - Public Obligations.

383-E:4-404 Public Obligations. –
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, provided that:
(1) The direct obligations of the state of New Hampshire or any state entity in New Hampshire are backed by the issuer's ability to levy taxes for the repayment of principal and interest.
(2) Obligations secured by the revenues of any authorities, commissions, districts or similar divisions of state or municipal government are ranked among the 4 highest ratings of any NRSRO.
(b) The authorized bonds and notes of any other state, commonwealth or territory of the United States or any municipality therein or authorities, commissions, districts or similar divisions of state or municipal government therein, provided:
(1) The direct obligations of any state, commonwealth or territory of the United States or any municipality located therein are backed by the issuer's ability to levy taxes for repayment of principal and interest and are ranked among the 3 highest ratings of any NRSRO.
(2) Obligations secured by the revenue of any authorities, commissions, districts or similar divisions of state or municipal government are ranked among the 3 highest ratings of any NRSRO.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 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.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:5-511 - Grounds for Expulsion.

383-E:5-511 Grounds for Expulsion. –
The board of directors may, after notice and an opportunity to be heard, expel from a credit union any member who:
(a) Has not carried out his engagements with the credit union;
(b) Has been convicted of a criminal offense;
(c) Neglects or refuses to comply with the provisions of this chapter or the bylaws of the credit union;
(d) Habitually neglects to pay his debts;
(e) Shall become insolvent or bankrupt; or
(f) Shall have deceived the credit union or any committee of the credit union with regard to the use of borrowed money.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:5-512 - Order of Payments.

383-E:5-512 Order of Payments. –
The amounts paid on shares or deposited by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds for the payments become available and after deducting any amounts due from the member.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:5-513 - Lien and Right of Set-Off.

383-E:5-513 Lien and Right of Set-Off. –
The credit union shall have a lien on the shares, share certificates, deposits, deposit certificates, and accumulated dividends or interest of a member in his individual, joint or trust account, for any sum past due the credit union from said member or for any loan endorsed by him or her. The credit union shall also have a right of immediate set-off with respect to every account.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-601 - Supervisory Committee.

383-E:6-601 Supervisory Committee. –
The supervisory committee shall inspect from time to time the accounts of the credit union and shall keep fully informed of its financial condition, and shall supervise the acts of its board of directors, credit committee, and officers, as may be provided in the bylaws.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-602 - Annual Audits.

383-E:6-602 Annual Audits. –
The supervisory committee of every credit union under the supervision of the commissioner shall conduct or cause to be conducted annual audits as is required by RSA 383-A:5-509 and submit reports of condition as is required by RSA 383-A:5-510.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-603 - Exemption to Annual Audit Requirement.

383-E:6-603 Exemption to Annual Audit Requirement. –
(a) The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that:
(1) It can maintain its safety and soundness without the audit;
(2) The cost of an audit would be an undue financial burden on the credit union; and
(3) It has an alternate audit arrangement in place that will assure the commissioner that its financial statements are true and accurate.
(b) The commissioner may revoke any exemption granted if, in his or her judgment, the safety and soundness of the exempt credit union requires it.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-604 - Report.

383-E:6-604 Report. –
The supervisory committee chairman or his designee shall make a full report at the annual meeting, and it shall be filed and preserved with the records of the credit union.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-605 - Violations.

383-E:6-605 Violations. –
(a) The supervisory committee may, by a unanimous vote, suspend any officer of the credit union or any member of the credit committee or of the board of directors.
(b) The supervisory committee may, by a majority vote, call a meeting of the members to consider any violation of this chapter or of the bylaws of the credit union, or any practice of the credit union, which, in the opinion of the committee, is unsafe or unauthorized.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-606 - Special Meeting After Suspension.

383-E:6-606 Special Meeting After Suspension. –
Within 7 days after the suspension of any officer, or any member of the credit committee or of the board of directors, the supervisory committee shall cause notice to be given of a special meeting of the members of the credit union to take such action relative to the suspension as may seem necessary.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:6-607 - Compensation.

383-E:6-607 Compensation. –
(a) No member of the board of directors or of either the credit or supervisory committee shall receive any compensation for his or her services as a member of the board or the committee; provided, however, that if at any time any credit union organized under the provisions of this chapter shall have enlarged its business to such extent that this section may create an impediment to its proper functioning, the commissioner, upon petition of the board of directors, may permit the board of directors to pay the credit committee such compensation as he or she shall consider proper. The reimbursement of reasonable expenses in the execution of the duties of the position shall not be considered compensation.
(b) The officers elected by the board of directors may receive such compensation as the board shall authorize.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:7-701 - Annual Meeting.

383-E:7-701 Annual Meeting. –
The annual meetings of the corporation shall be held at such time and place as the bylaws prescribe, but must be held within 120 days after the close of the fiscal year.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:7-702 - Special Meetings.

383-E:7-702 Special Meetings. –
Special meetings of members may be called by a majority of the directors, or of the supervisory committee, and shall be called by the clerk upon written application of 10 percent of the members entitled to vote.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:7-703 - Voting.

383-E:7-703 Voting. –
No member shall be entitled to have more than one vote.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:7-704 - Supervisory Powers.

383-E:7-704 Supervisory Powers. –
At an annual or special meeting the members may review the acts of the credit committee or of the board of directors, and may reverse any decision of the committee or directors by a 75 percent vote of its members present and entitled to vote; provided, that the 75 percent vote comprises a majority of all the members of the credit union.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:7-705 - Filling Vacancies.

383-E:7-705 Filling Vacancies. –
In the event of the death or the resignation or removal from office of any member of the board of directors, or of the supervisory committee, the board of directors shall fill the vacancy until the next annual meeting, at which the unexpired term shall be filled by vote of the members.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:8-801 - Regular Reserves.

383-E:8-801 Regular Reserves. –
At the end of each quarterly reporting period, a transfer from current earnings shall be made to the regular reserve as set forth in 12 C.F.R. part 702. In the event that current earnings are insufficient to allow the required transfer, undivided earnings shall be utilized to augment the amount transferred from current earnings. The credit union shall notify the commissioner within 30 days of any required transfers made from undivided earnings to the regular reserve. Prior approval of the commissioner is required before any disbursements from the regular reserve.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:9-901 - Branching Authority.

383-E:9-901 Branching Authority. –
No credit union shall conduct any part of its operations at any branch office except as follows:
(a) A credit union may establish one or more branch offices or acquire branch offices from any credit union in any location within the state or without the state consistent with the membership qualifications of its bylaws.
(b) All credit unions shall submit an application to establish or acquire a branch office to the commissioner under RSA 383-A:6-602. A credit union may proceed to establish or acquire the branch office if it is permitted to do so by the commissioner under RSA 383-A:6-604.
(c) A foreign credit union may establish or acquire a branch office in this state. The foreign credit union shall submit an application to establish or acquire a branch office to the commissioner under RSA 383-A:6-602. The foreign credit union may proceed to establish or acquire the branch office if it is permitted to do so by the commissioner under RSA 383-A:6-604.
Source.
2015, 272:16. 2016, 230:5, eff. Aug. 8, 2016. 2017, 7:1, eff. Mar. 31, 2017; 209:15, eff. Sept. 8, 2017.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:9-902 - Branch Closings and Relocations.

383-E:9-902 Branch Closings and Relocations. –
(a) A credit union may close a branch office upon the affirmative vote of a majority of its board of directors, but the closing shall not occur until the credit union has filed notice of the branch office closing with the commissioner under RSA 383-A:6-602. The credit union shall be required to comply with federal requirements for branch closings.
(b) A credit union may relocate a branch office upon the affirmative vote of a majority of its board of directors, but the relocation shall not occur until the credit union has filed notice of the branch office relocation with the commissioner under RSA 383-A:6-602. The credit union shall be required to comply with federal requirements for branch relocations.
Source.
2015, 272:16, eff. Oct. 1, 2015. 2017, 209:16, eff. Sept. 8, 2017.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:9-903 - Automated Teller Machines; Fee Disclosure.

383-E:9-903 Automated Teller Machines;  Fee Disclosure. –
A credit union, federal credit union or foreign credit union that owns or operates an automated teller machine in this state shall be subject to RSA 383-B:7-705.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:10-1001 - Procedural Requirements.

383-E:10-1001 Procedural Requirements. –
If a state credit union proposes to combine with another state credit union, federal credit union, or foreign credit union, the credit unions shall apply to the commissioner for approval of the proposed combination as required under RSA 383-A:6-602 and may complete the combination if permitted by the commissioner, subject to other federal or state approvals.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:10-1002 - Required Vote.

383-E:10-1002 Required Vote. –
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.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:10-1003 - Name Change.

383-E:10-1003 Name Change. –
The credit union resulting from a combination may change the name of the resulting credit union with the permission of the commissioner.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:10-1004 - Branch Offices.

383-E:10-1004 Branch Offices. –
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 commissioner.
Source.
2015, 272:16, eff. Oct. 1, 2015.
2023 New Hampshire Revised Statutes › Title XXXV - Banks and Banking; Loan Associations; Credit Unions › Chapter 383-E - Credit Union Act › Section 383-E:11-1101 - State Credit Union to Federal Credit Union.

383-E:11-1101 State Credit Union to Federal Credit Union. –
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 members, either at a meeting to be held on the date or by written ballot to be filed on or before the date. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for the member appearing on the records of the state credit union, not more than 30 nor less than 7 days prior to the date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members of the state credit union who vote on the proposal. The written notice of the proposition shall in bold face type state that the issue will be decided by a majority of the members who vote.
(b) A notice of the proposed conversion shall be filed with the commissioner under RSA 383-A:6-602, together with a statement of the results of the vote, verified by the affidavits of the president or vice president and the clerk, within 10 days after the vote is taken.
(c) Promptly after the vote is taken and in no event later than 90 days thereafter, if the proposition for conversion was approved by the vote, the state credit union shall take such action as may be necessary under the applicable federal law to make it a federal credit union, and within 10 days after receipt of the federal credit union charter shall file with the commissioner a copy of the charter so issued. Upon making the filing, the credit union shall cease to be a state credit union.
(d) Upon ceasing to be a state credit union, the credit union shall no longer be subject to any of the provisions of this chapter. The successor federal credit union shall be vested with all of the assets and shall continue responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.
Source.
2015, 272:16, eff. Oct. 1, 2015.