The governance of a mutual bank or mutual holding company shall be vested in its board of directors. The board of directors shall have all powers and authorities granted under the organizational documents of the mutual bank or mutual holding company and applicable federal and state laws. The board of directors shall elect officers and shall supervise management of the mutual bank or mutual holding company. The board of directors shall be required to review and approve by majority vote, or by higher vote if required by applicable state laws or by the organizational documents, any matter expressly reserved for the approval of corporators under RSA 383-B:6-605(a) prior to submitting the matter to the corporators for their approval or association members under RSA 383-B:6-605(b) prior to submitting the matter for association members for their approval. In exercising their duties as directors, the directors shall consider the interests of the depositors, borrowers, and other customers of the mutual bank or mutual holding company, the general benefit, and economic well-being of the communities served by the mutual bank or mutual holding company and the safety, soundness, and general business needs of the mutual bank or mutual holding company. The directors shall be accountable to the corporators or association members, as applicable, for the proper discharge of their duties.
‹ Prev All New Hampshire sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.