Bill Text: NH SB368 | 2012 | Regular Session | Introduced
Bill Title: Relative to nondepository trust companies.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2012-05-29 - Senate Signed by the Governor on 05/29/2012; Chapter 0111; Effective 07/28/2012 [SB368 Detail]
Download: New_Hampshire-2012-SB368-Introduced.html
SB 368 – AS INTRODUCED
2012 SESSION
08/03
SENATE BILL 368
AN ACT relative to nondepository trust companies.
SPONSORS: Sen. Carson, Dist 14; Rep. Matt Quandt, Rock 13; Rep. Griffin, Rock 4
This bill changes the term nondepository financial institutions to nondepository trust companies.
This bill is a request of the banking department.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
12-2967
08/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT relative to nondepository trust companies.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Nondepository Financial Institution; Changed to Nondepository Trust Company. Amend RSA 383:9-h to read as follows:
383:9-h Change in Control of Nondepository [Financial Institution] Trust Company. No change in control of a nondepository [financial institution] trust company shall occur without the prior approval of the bank commissioner. The term “change of control” shall mean the direct or indirect acquisition by a person or group of persons acting in concert of 10 percent or more of the beneficial ownership or control of the voting shares. The person or group seeking to acquire control of the nondepository [financial institution] trust company shall submit an application and a $500 application fee to the bank commissioner for approval which shall contain such financial, business, experience, and other information as the bank commissioner shall require to determine whether such person or group is suitable to exercise control of a nondepository [financial institution] trust company. Upon receipt of a complete application, the bank commissioner may hold a hearing on such application and shall make a decision within 60 days after receipt of the application.
2 Nondepository Financial Institution; Changed to Nondepository Trust Company. Amend RSA 384:3, IV to read as follows:
IV. Notwithstanding any other provision of law to the contrary, a state-chartered bank or savings association shall have at least 5 directors or trustees. A majority of the directors or trustees shall be required to be citizens of and residents in the state of New Hampshire, except that this requirement shall not be applicable to the directors or trustees of a bank or savings association which is wholly owned by an out-of-state bank holding company within the meaning of RSA 384:57, VI, or to the directors of a nondepository [financial institution] trust company which is wholly owned by an out-of-state corporation or other form of business entity.
3 Nondepository Financial Institution; Changed to Nondepository Trust Company. Amend RSA 384:7-b to read as follows:
384:7-b Participation in Meetings. Unless the charter or bylaws provide otherwise, a board of directors or trustees may permit any or all directors or trustees to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all of the directors or trustees participating may simultaneously hear each other during the meeting. A director or trustee participating in a meeting by this means is deemed to be present in person at the meeting. However, a director or trustee shall be physically present at a majority of the meetings such director or trustee attends. If any member of the board of directors of a nondepository [financial institution] trust company resides outside of the state of New Hampshire, the board may permit such out-of-state director to be physically present at a lesser number of meetings, if such arrangement is approved in writing by the bank commissioner, based upon a finding that the safety and soundness of such financial institution will not be impaired by such less frequent physical presence.
4 Effective Date. This act shall take effect 60 days after its passage.
