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

17:14A-59. Control of safe deposit company; review of commissioner's disapproval The commissioner's disapproval of an application to acquire control of a safe deposit company shall be subject to review by appeal in the Appellate Division of the Superior Court. L.1983, c. 566, s. …

17:14A-6. Incorporators Any five or more persons who are residents of this State, hereinafter referred to as incorporators, may associate to form a corporation for the purposes of a safe deposit company upon the terms and conditions set forth in this chapter. L.1983, c. 566, s. 1…

17:14A-60. Communications received from the commissioner Every official communication directed to and received by a safe deposit company or any of its officers or directors shall be submitted to the board of directors at the board's next meeting following receipt and noted in the…

17:14A-61. Examination of safe deposit company affairs; by whom made The board of directors of a safe deposit company shall have an examination of the company's affairs made, from time to time, by or under the supervision of a person who is a certified public accountant, a public…

17:14A-62. Examination of safe deposit company affairs; scope The scope of examinations made as required by R.S. 17:14A-61 shall be as determined by regulations of the commissioner or, in the absence of regulations, by the board of directors of the company. L. 1983, c. 566, s. 17…

17:14A-63. Examination of safe deposit company affairs; when made An examination pursuant to R.S. 17:14A-61 shall be made at least once in each calendar year and shall be commenced not less than six months and not more than 15 months following the commencement of the preceding ex…

17:14A-64. Examination of safe deposit company affairs; report; statement by directors; filing Within 60 days after completion of an examination made pursuant to R.S. 17:14A-61, a report thereof, in a form prescribed by the commissioner, certified by the person by whom and under …

17:14A-65. Examination of safe deposit company affairs; curtailment or extension of time by commissioner The commissioner shall have power, for good cause shown, to curtail the six-month period, and to extend the 15-month period specified in R.S. 17:14A-63 for a period not exceed…

17:14A-66. Reports to commissioner as to assets and liabilities A safe deposit company shall make and file with the commissioner, in the form prescribed by the commissioner, periodic reports as the commissioner may from time to time request setting forth in detail and under appro…

17:14A-67. Special reports as to condition of company The commissioner shall have the power to call for special reports from a safe deposit company when, in his judgment, a special report is necessary to obtain a full and complete knowledge as to the company's condition. The spec…

17:14A-68. Penalty for failure to make and file report A safe deposit company which fails to make and file a report as required pursuant to R.S. 17:14A-66 and R.S. 17:14A-67 shall be subject to a penalty of $100.00 for each day during which the failure continues, to be recovered …

17:14A-69. Publication of report A summary of each report filed pursuant to R.S. 17:14A-66, in a form prescribed by the commissioner, shall be published by the safe deposit company once in a newspaper having a general circulation in the county in which the company's principal off…

17:14A-7. Certificate of incorporation The incorporators shall personally sign and prove or acknowledge as is required for deeds of real estate, a certificate of incorporation, which shall state: a. The name of the corporation, which shall contain the words "safe deposit" , and t…

17:14A-70. Examination of safe deposit companies by commissioner The commissioner shall, whenever and as often as he shall deem it advisable, cause the affairs of every safe deposit company to be examined to determine whether the company is conducting its business in conformity w…

17:14A-71. Examination of safe deposit companies by commissioner; examination of witnesses The commissioner, a deputy commissioner, and every examiner assigned by the commissioner or by a deputy commissioner to examine the affairs of a company may administer an oath to any person…

17:14A-71.1. Examinations confidential Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall be confidential and shall not be made public by any officer, director or employee of a safe deposit company…

17:14A-71.2. Examinations confidential; evidence; subpenas Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall not be subject to subpena or to admission into evidence in any court, except pursuant t…

17:14A-72. Commissioner's powers on ultra vires, unlawful and unsafe practices If the commissioner finds that a safe deposit company is violating the provisions of its certificate of incorporation, or is conducting its business in violation of any law of this State, or in an unsa…

17:14A-73. Review of commissioner's order to cease ultra vires, unlawful or unsafe practices An order of the commissioner made pursuant to R.S. 17:14A-72 shall be subject to review by appeal to the Appellate Division of the Superior Court. The institution of proceedings for revie…

17:14A-74. Penalty for failure to comply with commissioner's order as to ultra vires, unlawful and unsafe practices A safe deposit company which continues to violate the provisions of its certificate of incorporation or which continues to conduct its business in violation of any …

17:14A-75. Removal of director or officer Whenever, in the opinion of the commissioner, any director or officer of a safe deposit company has and continues to violate any law relating to a safe deposit company or has or continues unsafe or unsound practices in conducting the busi…

17:14A-76. Participation in management of company after removal from office Any director or officer who, after service upon him of a copy of the order removing him from office, participates in any manner in the management of the safe deposit company is guilty of a disorderly pers…

17:14A-77. Record of proceedings to remove director or officer not to be made public; exception No part of the record of any proceedings under R.S. 17:14A-75 shall be made public or disclosed to anyone except the director or officer involved and the other directors of the safe de…

17:14A-77.1. Review of commissioner's order to remove director or officer An order by the commissioner made pursuant to R.S. 17:14A-75 shall be subject to review by appeal to the Appellate Division of the Superior Court. L.1983, c. 566, s. 17:14A-77.1.

17:14A-78. Costs of examination of safe deposit company Every safe deposit company shall pay to the commissioner for the use of the State the reasonable costs of each examination of its affairs made pursuant to this chapter. The Attorney General may prosecute an action in the nam…

17:14A-79. Filing documents and reports All documents and reports which are required to be filed by a corporation pursuant to the provisions of Title 14A, Corporations, General, of the New Jersey Statutes and which apply to a safe deposit company shall be filed in the department.…

17:14A-8. Original bylaws The original bylaws of the corporation shall be adopted by the incorporators. L.1983, c. 566, s. 17:14A-8.

17:14A-80. Custodial possession by commissioner; causes The commissioner shall have the authority to institute an action in the Superior Court to take custodial possession of the property of any safe deposit company: a. Which has filed for bankruptcy or has been adjudicated a ban…

17:14A-81. Custodial possession by commissioner; purpose Possession by the commissioner shall be for the sole purpose of serving as a custodian of the safe deposit company until the lessees of the vaults, safe deposit boxes and other receptacles have removed their personal proper…

17:14A-82. Custodial possession by commissioner; return of property to management of safe deposit company If and when the commissioner determines that the cause or causes for his taking custodial possession of a safe deposit company have been removed or remedied, he may return th…

17:14A-83. Custodial possession by commissioner; corporate title and existence Notwithstanding the taking of custodial possession of the property of a safe deposit company by the commissioner: a. Title to all the property of the safe deposit company, including property held in fi…

17:14A-84. Custodial possession by commissioner; notice to commissioner A safe deposit company shall immediately notify the commissioner in writing of any of the actions or proceedings set forth in subsections a. through e. of R.S. 17:14A-80 instituted by or against the safe depo…

17:14A-85. Custodial possession by commissioner; surety bond A safe deposit company shall file and keep on file with the commissioner a surety bond obtained from a surety company authorized to transact business in this State in an amount of not less than $25,000.00 and in form pr…

17:14A-86. Standards for vaults Vaults shall have walls, floors and ceiling of reinforced concrete at least 12 inches in thickness constructed as follows: a. Two grids of #5 ( 5/8 " diameter) deformed steel bars located in horizontal and vertical rows in each direction to form gr…

17:14A-87. Standards for vault doors Vault doors shall be made of steel at least 3 1/2 inches in thickness, or other drill and torch resistant material, and be equipped with a dial combination lock, a time lock, and a substantial lockable day-gate gate. L.1983, c. 566, s. 17:14A-…

17:14A-88. Standards for safes A safe shall weigh at least 750 pounds empty, or be securely anchored to the premises where located. The body shall consist of steel, at least one inch in thickness, either cast or fabricated, with an ultimate tensile strength of at least 50,000 pou…

17:14A-89. Safe deposit box standards A safe deposit box used to store and safeguard a lessee's personal property shall be enclosed in a vault or safe meeting the minimum standards set forth in R.S. 17:14A-86 and R.S. 17:14A-87 or R.S. 17:14A-88. L.1983, c. 566, s. 17:14A-89.

17:14A-9. Application to commissioner for approval; notice of hearing The certificate of incorporation and the bylaws 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 a…

17:14A-90. Surveillance systems A surveillance system shall be provided for each office of a safe deposit company which shall: a. Be equipped with one or more photographic, recording, monitoring, or like devices capable of reproducing images of persons in the safe deposit company…

17:14A-91. Robbery alarm systems A robbery alarm system shall be provided for each office of a safe deposit company at which the police ordinarily can arrive within five minutes after an alarm is actuated. Robbery alarm systems shall be: a. Designed to transmit to the police, eit…

17:14A-92. Burglary alarm systems A burglary alarm system shall be provided for each office of a safe deposit company. Burglary alarm systems shall be: a. Capable of detecting promptly an attack on the outer door, walls, floor, or ceiling of each vault, and each safe not stored i…

17:14A-93. Notice of crime The board of directors of a safe deposit company shall promptly notify the commissioner of any crime committed or attempted to be committed against the safe deposit company by any person even though the crime or attempted crime has not resulted in a los…

17:14A-94. Rules and regulations In addition to other powers and duties vested in him by this chapter or by any other law, the commissioner is authorized and empowered to make reasonable rules and regulations not inconsistent with the provisions of this chapter, and specific ruli…

17:14A-95. Dissolution A safe deposit company may be dissolved in the manner provided by chapter 12 of Title 14A, Corporations, General of the New Jersey Statutes, except that filings thereunder shall be made in the department. L.1983, c. 566, s. 17:14A-95.

17:14A-96. Filing fees A safe deposit company shall pay to the commissioner for the use of the State: a. For filing an application for charter ...... $2,500.00 b. For the issuance by the commissioner for a certificate of authority .......... 100.00 c. For filing the original cert…

17:14A-97. Statutes repealed The following are repealed: R.S. 17:14-1 to R.S. 17:14-8 inclusive. L.1983, c. 566, s. 17:14A-97.