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

17:12B-16. Application to commissioner for approval The certificate of incorporation and the by-laws shall be submitted to the commissioner for his approval. Within 10 days thereafter, the commissioner shall give written notice to each incorporator, of the time and place designat…

17:12B-160. Charges on such loans Notwithstanding the provisions of R.S. 31:1-1 or any other law to the contrary, the maximum charge which an association may contract for and receive on loans as defined in section 158 of P.L.1963, c. 144 (C. 17:12B-158) shall not exceed an amount…

17:12B-162. Schedules of charges The Commissioner of Banking may prepare and distribute to such associations as shall make a request therefor, a schedule or schedules to be used in ascertaining precomputed interest, or he may approve a subsisting schedule or schedules, and intere…

17:12B-163. Rebates on prepayment When the unpaid balance owing upon a loan as defined in section 158 of P.L.1963, c. 144 (C. 17:12B-158) is repaid in full or the maturity of the unpaid loan is accelerated before the date scheduled for the payment of the final installment, the as…

17:12B-164. Other charges in connection with loans Any Federal association may charge in connection with any loan, as interest, discount, premium, late charge or any other charge, any amount which may be permitted by law to be charged by a State association or may be permitted to…

17:12B-165. Other investments, securities A State association may invest as follows: (1) Obligations of the United States. In obligations of or guaranteed as to principal and interest by the United States of America. (2) Federal Home Loan Bank Stock. In stock of the Federal Home …

17:12B-166. Real estate Investments may be made in real estate as follows: (1) Office building for transaction of State association's business. In the purchase of improved or unimproved real estate and in the erection or improvement of buildings thereon for the purpose of providi…

17:12B-168. Limitations on amounts of real estate loans and investments 168. Limitations on amounts of real estate loans and investments. No State association shall make loans or extensions of credit in an amount greater than that permitted for banks and savings banks pursuant to…

17:12B-169. Restrictions on investments (1) No uninsured State association shall make any of the investments authorized by this act, except investments in account loans, obligations of or guaranteed as to principal and interest by the United States of America, stock of the Federa…

17:12B-17. Notice of application and hearing thereon The incorporators shall give public notice of such application and of the time and place designated by the commissioner for the hearing thereon, by publishing the same prior to the time of hearing at least once a week for 4 wee…

17:12B-170. Report of financial condition available to members 170. Every State association shall make available to its members annually, upon request, a report of its financial condition as of the end of its fiscal year. L.1963,c.144,s.170; amended 1996, c.17, s.94.

17:12B-171 Reports to commissioner; violations, penalties. 171. Every State association shall, within 60 days after the close of each fiscal year, file in the department, on blanks to be provided by the commissioner, a report of its transactions, affairs and financial condition a…

17:12B-172 Examination, inspection, supervision of associations. 172. Every State association and every out-of-State association with a branch office in this State shall be subject to the examination, inspection and supervision of the department. When deemed advisable, the examin…

17:12B-173. Exhibition of books, papers, securities, oaths; subpoena 173. The officers, directors and employees of the State association or an out-of-State association shall exhibit its books, papers and securities to the commissioner or the person appointed by him to conduct the…

17:12B-174. False testimony; perjury A person who shall willfully and corruptly testify falsely to a material matter, upon oath or affirmation administered by the commissioner or examiner upon such investigation or inquiry, or in regard to a report made to the commissioner, shall…

17:12B-175. Immunity to violator testifying Any person violating this act shall be a competent witness and compellable to testify in any proceeding under sections 172 and 173 of this act against any other person charged with so offending, but the testimony of the former person gi…

17:12B-176. Audits (1) The board of every such State association, other than an insured State association, shall cause a thorough audit of the condition of the State association to be made at least once in each calendar year in a manner and form approved by the commissioner. The …

17:12B-177. Commissioner's additional powers The commissioner's powers and duties conferred and imposed by this article shall be in addition to those conferred and imposed by the other provisions of this act. L.1963, c. 144, s. 177.

17:12B-178. Order to continue illegal, unsafe practices; violations, penalty 178. If it shall appear to the commissioner that a State association or an out-of-State association has violated any law of this State or of its home state, or any of its bylaws, or is conducting its bus…

17:12B-179. Grounds for action by commissioner Revocation of authority to transact business. If it shall appear to the commissioner that the interests of the creditors or members of a State association are being jeopardized because the State association has violated any law of th…

17:12B-18. Guaranty account In the case of an application for the incorporation of a mutual association, and as a condition precedent to the approval of any such application, the incorporators shall execute an agreement to subscribe to, and upon the commencement of business pay i…

17:12B-180. Conservation orders For the purpose of conserving the assets of a State association and of protecting the interests of its members and the public, the commissioner may require any State association, by an order in writing effective for a period of 90 days, to apply mo…

17:12B-181. Action for relief The commissioner may institute an action in the Superior Court to restrain the State association from transacting further business, or from transferring or disposing of any of its property in any manner, or from paying excessive expenses of managemen…

17:12B-182. Commissioner's authority The commissioner may forthwith take charge of the State association and possession of all its real and personal property, books and records, and continue the operation of its business until such possession and management shall be returned to i…

17:12B-183. Purpose of possession and operation by commissioner The purpose of the commissioner's management of a State association and operation of its business and possession of its assets shall be to enable him to determine, within 1 year from the date when he undertakes such …

17:12B-184. Return of management and possession The commissioner may return the management of a State association to its board and the possession of its property to the State association at any time after he has taken charge and possession thereof, upon such terms and conditions,…

17:12B-185. Powers of commissioner in possession The commissioner shall have full and complete powers necessary to enable him to determine promptly and efficiently whether it is for the best interests of the State association's creditors, members and the public that it be continu…

17:12B-186. Appointment and compensation of counsel and assistants The commissioner may, from time to time appoint one or more special assistant deputy commissioners of banking and insurance, who may or may not be employees in the department as the commissioner shall determine, a…

17:12B-187. Segregation and application of money paid after commissioner takes possession (a) All moneys, which shall be paid on any unpledged account or shares of a State association after the commissioner has taken charge of such State association and possession of its assets, …

17:12B-188. Effect of commissioner's possession on rights of third persons Upon taking charge of a State association and possession of its property, the commissioner shall give notice thereof forthwith to all persons holding or having possession of any assets of the State associa…

17:12B-189. Financial statements by commissioner At least annually, and upon the termination of his possession of the assets of a State association, the commissioner shall submit a financial statement and report of the affairs of each State association in his possession, or in li…

17:12B-19. Hearing At such hearing or at any adjournment thereof which may be granted by the commissioner, there shall be afforded an opportunity to be heard to anyone desiring it. The commissioner shall also make such independent examination or investigation of such application …

17:12B-190. Dissolution; Liquidation; Action by members If the commissioner determines that it is for the best interest of the members and the public that the State association be dissolved and liquidated, he shall, (a) If the State association is an insured association proceed p…

17:12B-191. Relief in court from commissioner's action If a State association, of whose property and business the commissioner has taken possession as aforesaid, or any member thereof, deems itself or himself aggrieved by any act of the commissioner, or any failure of the commiss…

17:12B-192. Disposition of unclaimed funds due to members and creditors If any liquidating dividend due to any member or any amount due to any creditor, remains in the hands of the commissioner for a period of 6 months after the date of the order for final distribution, such mone…

17:12B-193. Liquidation and accounting by commissioner On making application to the court for approval of expenses of administration as provided by section 186 of this act, the commissioner shall file in the said court an accounting of the administration of the State association'…

17:12B-194. Action upon commissioner's refusal to act If the capital of a State association becomes impaired, or if it suspends its ordinary business for want of funds to carry it on, and the commissioner refuses for a period of 30 days after demand is made upon him by a creditor…

17:12B-195. Proceedings before commissioner (1) Review of commissioner's determination. Except as herein otherwise provided, any State association or member aggrieved by any determination, decision or order of the commissioner or by any failure of the commissioner to make any suc…

17:12B-196. Applications for commissioner's approval In all cases where the commissioner's approval is required and no procedure for obtaining the same is specified, application therefor shall be made in writing and the commissioner shall, within 30 days after receipt of such app…

17:12B-197. Bookkeeping methods and accounting practices; destruction of books, records, et cetera The commissioner may adopt rules and regulations with respect to bookkeeping methods and accounting practices designed to produce safety of operation and each State association and …

17:12B-198. Authority Any two or more State associations may merge into a single State association, under the terms and procedure hereinafter set forth. Any State association may merge into a Federal Association upon the approval of the commissioner and subject to such terms and …

17:12B-198.1. Merger between State, out-of-State associations 98. a. One or more State associations may, with the approval of the commissioner, merge with an out-of-State association or associations, or with a federal association or associations, each with their principal office …

17:12B-199. Procedure; notice; approval on expedited basis The boards of the State associations desiring to merge, shall each pass a resolution indicating such desire by at least a 2/3 vote of each of the respective boards. The directors of the merging associations shall then hav…

17:12B-2. Citation This act shall be known and may be cited as the "Savings and Loan Act (1963)." L.1963, c. 144, s. 2.

17:12B-20. Commissioner's findings as to mutual association application If the commissioner shall find that: (a) the establishment of such State association is in the public interest; and (b) will be of benefit to the area proposed to be served; and (c) may be established without…

17:12B-200. Terms The terms of merger shall be those which have been agreed upon by at least 2/3 's of the board of each association. Such terms may include provisions for the exchange of accounts in the State association or State associations so merged for accounts of the same o…