The initial capital required to organize a mutual bank shall be in the form of capital debentures or special deposits. The commissioner shall first approve the maturity, interest rate, and repayment provisions of each debenture or special deposit. No retirement of capital debentures or special deposits, in whole or in part, shall be permitted which would leave its capital less than the minimum amount required by the commissioner. The total amount of the capital debentures or special deposits of a mutual bank held by any other bank shall not at any time exceed 10 percent of the total amount of capital debentures or special deposits issued by the mutual bank. The capital debentures shall be transferable only on the books of the mutual bank and shall be subordinate to all general deposits and to all other debts, claims and obligations of the mutual bank. The issuance of capital debentures and special deposits, including increases therein, shall be governed by RSA 383-A:4-403.
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