The board of directors at any regular or special meeting may, by majority vote, authorize borrowing of specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund, and undivided earnings without approval of the commissioner.
N.H. Rev. Stat. Ann. § 383-E:5-508
Borrowing
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.