Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:12B-205. Certificate of transfer of assets; resultant liquidating corporation Whenever any assets of a State association are to be liquidated by the board of an association, as provided in section 204 of this act, the State association shall, within 10 days after the transfer …

17:12B-206. Purchase of assets; inapplicability of Article X Any association may purchase assets from another association which sells all or a part of its assets in accordance with section 204 of this act and the provisions of Article X of this act shall not apply to such transac…

17:12B-207. Liquidating corporations Each liquidating corporation created pursuant to the provisions of section 205 of this act shall be a corporation for the sole purpose of liquidating, promptly and in an orderly manner, all assets which it owns and distributing the proceeds th…

17:12B-208. Creditors; claims barred The liquidating corporation shall give public notice that all persons having claims against any association whose assets have been transferred shall present such claims under oath at the corporation's office within 3 months of the date of such…

17:12B-209. Notice of dispute; limitation of action If the corporation disputes all or any part of any claim which is duly presented to it, and gives written notice of such dispute to the claimant, his attorney, or agent, such claimant shall institute an action thereon within 30 …

17:12B-21. Commissioner's decision Within 30 days after the close of the hearing, the commissioner shall announce his decision upon such application and file in his office, a written memorandum stating the reasons therefor which shall be open to public inspection; and he shall fo…

17:12B-210. Applicability of sections 17:12B-208, 17:12B-209 to indebtedness on loan to enable association to effect sale of assets The provisions of sections 208 and 209 of this act shall not be applicable to or in any way affect any indebtedness on account of any loan made to a…

17:12B-211. Jurisdiction of Superior Court Each such corporation or its board may institute an action in the Superior Court for instructions with respect to any matter pertaining to the liquidation of its assets, the distribution of the proceeds thereof, and the settlement of its…

17:12B-212. Termination of corporate existence Within 90 days after the affairs of each such corporation shall have been fully settled and its assets liquidated and the proceeds thereof distributed, or within such further time as the commissioner may allow, it shall file with the…

17:12B-213. "Foreign association" defined For the purposes of this article the words "foreign association" shall not be deemed to include an association, as defined in section 5 of P.L.1963, c.144 (C.17:12B-5). L.1963,c.144,s.213; amended 1991,c.74,s.2.

17:12B-214. Business prohibited within State, exceptions 214. a. Foreign associations shall not transact the business of a savings and loan association within this State, or maintain an office within this State, except as authorized pursuant to subsection b. of this section, for …

17:12B-215. Violation; penalty Any natural person who shall violate the prohibitions of this article shall be guilty of a misdemeanor, and, upon conviction thereof, shall be subject to imprisonment for a period not exceeding 1 year, or a fine not exceeding $1,000.00, or both. He …

17:12B-216. Filing copy of application and statement of acceptance or rejection Each State association which applies for the insurance of its accounts by the Federal Savings and Loan Insurance Corporation shall file with the commissioner within 1 week after its adoption, a certif…

17:12B-217. Terminating insurance No such State association shall terminate such insurance except after 30 days' prior written notice thereof to the commissioner, unless the commissioner shall have waived such notice in writing. L.1963, c. 144, s. 217.

17:12B-218. Powers of commissioner not impaired Nothing contained in this article shall be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities of the commissioner in respect to any association organized under or subject to the provisions …

17:12B-219. Joint powers with insurance corporation Upon its filing such election to assume and exercise such powers, the Federal Savings and Loan Insurance Corporation and the commissioner shall be vested jointly with the exercise of all of the powers, duties and authority confe…

17:12B-22. Certificate to be filed The certificate of incorporation with the commissioner's approval endorsed thereon or annexed thereto, shall be recorded within 30 days after such approval, in the office of the clerk of the county where the office of the State association is to…

17:12B-220. Powers of insurance corporation The Federal Savings and Loan Insurance Corporation shall have all the rights, privileges and powers conferred upon it by the Federal statutes now or hereafter enacted, and may make loans on the security of, or purchase at public or priv…

17:12B-221. Voting rights Notwithstanding any other provision or provisions of the law granting, governing, defining or limiting the powers or right of members to vote upon any question or issue whatsoever requiring the consent or approval of the members of the State association …

17:12B-222. Procedure Any association which is a member of a Federal Home Loan Bank may convert itself into a Federal association with the same force and effect as though originally incorporated as a Federal association. (a) When, in the judgment of the board of such association,…

17:12B-223. Corporate existence continued upon conversion Upon the conversion of any association into a Federal association, the corporate existence of such association shall not terminate, but such Federal association shall be deemed to be a continuation of the entity of the ass…

17:12B-224. Conversion from Federal to State charter; procedure Conversion from Federal to State charter; procedure. Any federal association may convert itself into an association of this State with the same force and effect as though originally incorporated under this act, and t…

17:12B-225. Approval by commissioner; filing of certificate; corporate existence continued Upon the filing with the commissioner of the certificate as provided in paragraph (d) of section 224 of this act and before approving the conversion of any Federal association into an assoc…

17:12B-226. Fees, charges 226. A. Every State association shall pay to the commissioner for the use of the State a fee, to be prescribed by the commissioner by regulation in an amount not less than or not more than, the following minimum and maximum amounts: Minimum Maximum (1) A…

17:12B-227. Payment of commissioner's expenses The necessary expenses incurred by the commissioner in carrying out the provisions of this act, when not otherwise provided for, shall be paid out of the fees collected as herein provided. L.1963, c. 144, s. 227.

17:12B-228. Dissolution Action by the board and the members. Trustees. Commissioner's approval. Any association may be dissolved as follows: Its board may adopt a resolution declaring that in its opinion it is advisable and for the best interests of its members that it be dissolv…

17:12B-229. Definition of liquidation As used in this act, liquidation shall include the winding up and settlement of the business and affairs of an association, the liquidation of its assets, the payment and satisfaction of its debts and obligations and the expenses of its liqui…

17:12B-23. Time limit for commencing business If the incorporators fail to complete the organization of a State association and to cause it to commence business within 6 months from the date when authority is granted to them to do so, the said certificate of incorporation shall i…

17:12B-230. Continuation of corporate existence After dissolution, an association shall continue to be a body corporate and retain title to all its real and personal property for the purpose of liquidation but not for the transaction of further business as a going concern. L.1963…

17:12B-231. Trustees; bonds; removal; successors; action by majority Each trustee before entering upon his duties, shall file with the commissioner a bond to the association in such sum as the commissioner shall fix, conditioned for the faithful performance of his duties. The Sup…

17:12B-232. Liquidation period; extension All liquidation proceedings hereafter commenced shall be completed within 5 years from the date of dissolution or within such further time as may be allowed by the Superior Court or by the members at any meeting which shall be called for …

17:12B-233. Powers Every dissolved association shall have all powers necessary to accomplish its liquidation promptly, efficiently and completely, including, but not by way of limitation, the following: (a) To employ, retain, and reasonably compensate agents, employees and attorn…

17:12B-234. Creditors; claims barred The association shall give public notice that all persons having claims against it, shall present them under oath, at the association's office, within 3 months from the date of such notice, or be barred, forever after, from any action therefor…

17:12B-235. Application of participation value to indebtedness The participation value, at the date of dissolution of an association, of any account in such association which is pledged as security for the payment of any indebtedness to such association, shall be applied to the p…

17:12B-236. Sinking fund mortgages; extension of time for payment Any owner of land, which is subject to a sinking fund mortgage held by an association which has been dissolved, may apply in writing to such association, within 90 days after the date of its dissolution, for an ext…

17:12B-237. Notice to sinking fund mortgagors Within 30 days after the date of its dissolution, the association shall mail to each owner of land, which is subject to a sinking fund mortgage held by such association, a notice stating that the association has dissolved and will liq…

17:12B-238. Commissioner's jurisdiction Each association in liquidation shall remain subject to the jurisdiction and supervision of the commissioner. L.1963, c. 144, s. 238.

17:12B-239. Accounting by trustees; examination by commissioner; report to members; notice to creditors At least annually, unless the commissioner, for good cause, extends the time therefor, and at such other times as the commissioner may require, the trustees of an association i…

17:12B-24. Establishment, operation of branch offices by State association 24. A. No State association shall hereafter establish or operate a branch office or offices, other than as provided by law without the prior written approval of the commissioner; provided, however, that an…

17:12B-24.1. Change of location of office of State association 89.a. Upon filing an application therefor in the department, and upon obtaining the approval of the commissioner thereto a State association may change the location of its principal office or of a branch office locate…

17:12B-24.2. Powers of out-of-State, State association 93. a. An out-of-State association that opens, occupies or maintains a branch office in this State shall have in this State only the powers a State association has in this State. b. A State association that owns, occupies or …

17:12B-240. Jurisdiction of Superior Court; trustees; compensation The Superior Court shall have full and complete jurisdiction of associations in liquidation and their trustees, and of all matters and questions arising or growing out of liquidation, and may make such orders and …

17:12B-241. Insured accounts eligible investment for trust and public funds, and savings banks and as security All public funds, including those of the State of New Jersey, or any county or municipality or other political subdivision of New Jersey, and those in the control or pos…

17:12B-242. Separability; partial invalidity If any provision of this act, or the application thereof to any person, is held invalid, the remaining provisions of this act, and the application of such provision to any other person, shall not be invalidated or affected thereby. L.1…

17:12B-243. Effective date This act shall take effect 90 days after its approval. L.1963, c. 144, s. 243.

17:12B-244. Definitions applicable to capital stock associations The following words and phrases as used in this act, unless a different meaning is plainly required by the context, shall have the following meaning: a. "Capital stock association" shall mean any insured State assoc…