RSA 383-B:6-608 Conversion From Mutual to Stock Form.

(a) Any mutual bank or mutual holding company may convert to stock form in the same manner as prescribed for a federal savings bank or a federal mutual holding company under federal law. However, no conversion under this subsection shall be permitted that includes as part of the conversion transaction the issuance of securities of any bank or holding company other than securities of the converting bank or holding company or the securities of a holding company organized by the converting bank in order to acquire its capital stock, unless in addition to procedures required by the rules adopted under this section, it is ratified by the depositors of a mutual bank or the depositors of a subsidiary bank or subsidiary banks of a mutual holding company. Ratification by depositors shall not