43.1 Trust money
money paid to or for the benefit of the corporation, that money and
all the proceeds arising from that money are
(a) legally and beneficially owned by the corporation, and
(b) deemed to be held in trust for the performance of the duties
and obligations in respect of which the payment was made.
(2) Where the corporation is in receipt of money referred to in
subsection (1), the corporation shall
RSA 2000
(a) except as otherwise author ized in writing pursuant to a
resolution of the board,
(i) deposit all the money into a separate account at a bank,
trust corporation, credit union or treasury branch within
3 days, exclusive of holidays and Saturdays, from the
day that the corporation received the money, and
(ii) designate the account as a trust account registered in the
name of the corporation,
and
(b) keep all trust money intact and not withdraw, convert,
direct, borrow or commingle that trust money, other than
pursuant to a resolution referred to in clause (a).
2014 c10 s34