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LGC Takes Regulator To Court Over Reorganization

The Local Government Center is taking its regulator to court—again.  This time, over how the organization is restructuring.  On Tuesday, the LGC requested a Merrimack Superior Court judge to declare the restructuring legal.  

Last Sunday, the LGC finalized its split into three separate organizations—the New Hampshire Municipal Association, the HealthTrust risk pool, and Property-Liability Trust risk pool.  Each has its own board, bylaws, and general counsel.  And State Senator Peter Bragdon oversees the risk pools as Executive Director.

In a letter dated August 22nd, The Bureau of Securities Regulation told the LGC it objects to the reorganization plan.  The bureau says under state law, non-profits can only merge with or transfer assets to other non-profits.  The LGC umbrella was actually set-up as a Limited Liability Corporation.  So, the bureau says, the LGC can’t move its money into the non-profit HealthTrust and Property-Liability Trust risk pools.

But the LGC decided that the action was legal, and went ahead with the reorganization. 

Now, it’s asking the Merrimack Superior Court to agree.  

Amanda Loder reports on business and the economy in NHPR's newsroom, and hosts Weekend Edition. Amanda joined New Hampshire Public Radio following four years of reporting and hosting at Spokane Public Radio in Washington State. At Spokane Public Radio, she was recognized with regional Edward R. Murrow and SPJ awards for her feature and series reporting. During four years at SPR, she worked her way up from general assignment reporter to featurist, and was ultimately tapped to host All Things Considered. Amanda, a native Iowan, received her Bachelor’s degree in Spanish and Religious Studies from Lawrence University, and a Master’s degree in Broadcast Journalism from Syracuse University.
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