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

17:12B-249. Commissioner's findings as to a capital stock association If the commissioner shall find that: a. The establishment of such capital stock association is in the public interest; b. Will be of benefit to the area proposed to be served; c. May be established without undu…

17:12B-250. Powers available to capital stock association 21. The powers contained in section 47 (C.17:12B-47), section 48 (C.17:12B-48) and section 130 (C.17:12B-130) of this act shall be available to capital stock associations (but the term "member" as used therein shall be dee…

17:12B-250.1. Capital stock association official immunity A capital stock association may with the approval of the commissioner, amend its certificate of incorporation or bylaws, by a two-thirds vote of its board present and voting at a duly convened regular or special meeting, t…

17:12B-251. Directors' election, vacancies The directors shall be elected by the stock holders of a capital stock association by ballot at the annual meeting for such term, not exceeding 3 years, as the bylaws provide. Where the term is more than 1 year, the bylaws shall establis…

17:12B-252. Liability of stockholders Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock. Stock shall be considered fully paid when the consideration for the issuance of any shares of capital stock has been paid, i…

17:12B-253. Notice to stockholders Except where this act or regulations promulgated hereunder expressly provide otherwise, all notices, statements, reports or other documents required to be given to any stockholder may be given to him either personally or by mail, postage prepaid…

17:12B-254 Meeting place. 25. a. Subject to subsection b. of this section, stockholders' meetings shall be held at the capital stock association's principal office or at such other place within the State of New Jersey as the board shall designate. b. Any meeting of stockholders m…

17:12B-255. Meetings of stockholders a. Annual. The stockholders shall meet at least once in each year, as the bylaws shall provide, upon not less than 10 days' written notice, which shall be given by mail for the election of directors and the transaction of any other business wh…

17:12B-256. Quorum for stockholders' meetings The bylaws shall prescribe the number of stockholders which shall constitute a quorum at a meeting. L.1974, c. 137, s. 27, eff. Oct. 23, 1974.

17:12B-257. Voting rights of stockholders a. Each stockholder owning shares of capital stock with voting rights shall be entitled to vote at any meeting of the capital stock association. Each capital stock association shall set forth in its bylaws the voting rights of its stockho…

17:12B-258. Reports to stockholders Every capital stock association shall make available to its stockholders annually, a report of its financial condition as of the end of the fiscal year, either a. By mailing to each stockholder of record a statement of assets and liabilities, a…

17:12B-259. Dividends on capital stock The directors of a capital stock association, after payment of interest to depositors may declare dividends on capital stock from net income, earned surplus or undivided profits in accordance with the provisions of this act and the bylaws of…

17:12B-260. Books and records of capital stock associations; right of inspection a. Each capital stock association shall keep books and minutes of the proceedings of its stockholders, board and executive committee, if any. The capital stock association shall keep at its principal…

17:12B-261. Conversion of mutual association to capital stock association A mutual association which is a member of the Federal Savings and Loan Insurance Corporation, organized pursuant to the provisions of this act, may convert itself into a capital stock association with the s…

17:12B-262. Plan of conversion The conversion of a mutual association into a capital stock association shall be effected in accordance with the plan of conversion adopted by the members, and approved by the commissioner, pursuant to the provisions of this act and consistent with …

17:12B-263. Adequate reserve and capital requirements After reorganization or conversion pursuant to the provisions of this act, each capital stock association shall maintain an adequate capital structure appropriate for the conduct of its business and the protection of its depos…

17:12B-264. Power to create, issue capital stock; provision for authorized but unissued stock; certificate of amendment 35. a. Each capital stock association shall have power to create and issue the number of shares of capital stock stated in its certificate of incorporation. Suc…

17:12B-265. Supervision of capital stock associations In the case of a capital stock association, with regard to the provisions of Article XII, the word "member" shall be either inclusive of stockholders of the capital stock association or shall be construed to mean stockholder w…

17:12B-266. Merger of capital stock associations In the case of the merger of any two or more capital stock associations, the procedure to merge shall be as provided in Article XIII of this act except that the word "member" shall be either inclusive of stockholders of the capital…

17:12B-267. Conversion of a capital stock association into a Federal association In the case of a capital stock association, the procedure to convert itself into a Federal association shall be as provided in section 222 (C. 17:12B-222) of this act except that all references to me…

17:12B-268. Conversion of a Federal association into a capital stock association In the case of a Federal association the procedure to convert itself into a capital stock association shall be as provided in section 224 (C. 17:12B-224) and section 225 (C. 17:12B-225) of this act a…

17:12B-269. Commencement of business of capital stock association Capital stock associations shall not commence business until its accounts have been accepted for Federal Savings and Loan Insurance. L.1974, c. 137, s. 40, eff. Oct. 23, 1974.

17:12B-27.2. Time limit for opening branch office; discontinuance of branch office The failure of a State association to open and operate a branch office within 12 months after the commissioner approves the application therefor, shall automatically terminate the right of the Stat…

17:12B-270. Dissolution and liquidation of capital stock association In the case of the dissolution and liquidation of a capital stock association, the procedure shall be as set forth in Article XVIII of this act, except that the word "member" shall be either inclusive of stockho…

17:12B-271. Construction of inconsistent provisions In the event of inconsistency between the provisions of this Article XXI and other provisions of this act, such other provisions to the extent of the inconsistency shall be construed to be applicable to mutual associations only …

17:12B-272. Rules and regulations The commissioner shall have power to implement and carry out the provisions and purposes of this Article XXI by the promulgation and issuance of rules and regulations from time to time. The commissioner, when issuing such rules and regulations, s…

17:12B-277. 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-278. Definitions As used in this act: a. "Insured institution," "savings and loan holding company," and "control" shall have the respective meanings set forth in section 408(a) of the "National Housing Act," as amended (12 U.S.C. s. 1730a). "Insured institution" shall also…

17:12B-279. Conditions for acquisition; control a. Notwithstanding the provisions of any other law of this State, an eligible insured institution or eligible savings and loan holding company may acquire and retain control of an insured institution or savings and loan holding comp…

17:12B-28. Interchange of principal and branch offices A State association may change the location of its principal office to a location then occupied by a branch office operated by it, subject to the requirements herein set forth: (1) If the interchange results in the new locati…

17:12B-280. Acquisitions in other states permitted a. Notwithstanding the provisions of any law of this State, an insured institution or savings and loan holding company located in this State may acquire an insured institution or savings and loan holding company located in any el…

17:12B-281. Definitions As used in this act: a. "Insured institution" and "savings and loan holding company" shall have the respective meanings set forth in Title IV, section 408 of the "National Housing Act," as amended (12 U.S.C. s. 1730a). b. "State association" means any savi…

17:12B-282. Information to commissioner a. A savings and loan holding company or an insured institution shall, upon the request of the commissioner, provide to the commissioner a copy of its filings with the Federal Home Loan Bank Board, Federal Savings and Loan Insurance Corpora…

17:12B-283. Examination; report a. The commissioner shall have the right to examine any savings and loan holding company which controls a state association, the cost of which examination shall be assessed against and paid by the savings and loan holding company in an amount to be…

17:12B-284. Notice of proposed acquisition to commissioner a. No person, acting directly or indirectly, or through or in concert with one or more other persons, shall acquire or offer to acquire or exercise control of a state association unless the commissioner has been given 60 …

17:12B-285. Fees The following fees shall be paid to the commissioner for the use of the State. The fees shall be in the minimum amount indicated or in such amount as provided by regulation of the commissioner, which amount shall not exceed the maximum amount provided below: Mini…

17:12B-286. FSLIC insurance required It shall be unlawful, on and after the date three years following the effective date of this act, for any state association to operate without insurance of its accounts by the Federal Savings and Loan Insurance Corporation as defined in subsec…

17:12B-287. Management by commissioner In the event that any state association shall fail to comply with the provisions of this act, the commissioner may take charge of the state association and possession of all its assets, books and records, and continue the operation of its bu…

17:12B-288. Insurance required for charter No state association shall be granted a charter by the commissioner on or after the effective date of this act, unless the state association has obtained a commitment for insurance of its accounts by the Federal Savings and Loan Insuranc…

17:12B-289. Rules, regulations The commissioner shall have the authority to promulgate rules and regulations necessary to carry out the purposes of this act. L. 1987, c. 225, s. 11.

17:12B-29. Auxiliary offices A State association may, pursuant to resolution of its board, establish and operate not more than one auxiliary office, as defined in section 8 of this act, as an adjunct to its principal office, and not more than one auxiliary office as an adjunct to…

17:12B-290. Violations; penalties Upon a finding by the commissioner, after notice and an opportunity to be heard, of a violation by any person of any provision of this act, or any regulation or order of the commissioner issued pursuant thereto, the commissioner may order the per…

17:12B-291. Approval required for use of word "savings bank S.L.A." Notwithstanding the provisions of section 14 of P.L. 1963, c. 144 (C. 17:12B-14) or any other law of this State, no state association, including a capital stock association, now or hereafter organized pursuant to…

17:12B-292. Definitions As used in this act: a. "Beneficial owner" (1) Includes any person who, directly or indirectly through any contract, arrangement, understanding, relationship or otherwise, has or shares: (a) Voting power which includes the power to vote, or to direct the v…

17:12B-293. Approval of commissioner needed to acquire more than 25% of voting shares No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons: a. Obtain or exercise control of a capital stock…

17:12B-294. Application for approval; hearing; exemption limitations a. An application by a person for the approval of the commissioner to obtain control of a capital stock state association, or to acquire beneficial ownership or control of more than 25% of the voting shares of a…