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.
N.H. Rev. Stat. Ann. § 383-E:3-308
Charter Rights; Liability
Known as the Credit Union Act
The act spans §§ 383-E:10-1001 to 383-E:9-903 (85 sections).
Source. 2015, 272:16, eff
Official source: New Hampshire General Court. Reproduced from public-domain New Hampshire statutes; confirm against the official source for the current text. Not legal advice.