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

17:14A-13. Commissioner's findings The commissioner shall approve the application and issue a certificate of approval which shall be endorsed upon or annexed to the certificate of incorporation if he finds that: a. The establishment of the company is in the public interest; and b…

17:14A-14. 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…

17:14A-15. Filing certificate of incorporation as evidence If the application is approved by the commissioner, he shall endorse upon or annex to the certificate of incorporation a certificate of approval and the certificate of incorporation shall be filed in the department. The c…

17:14A-16. Beginning of corporate existence; transaction of business Upon the filing of the certificate of incorporation as provided in R.S. 17:14A-15, the subscribers to the certificate, their successors and assigns, shall be a corporation by the name stated in the certificate, …

17:14A-17. Payment of capital; filing proof with commissioner The full amount of capital shall be paid in, in cash, before a safe deposit company transacts any business, except that which relates to its organization. The payment shall be certified to the commissioner under oath o…

17:14A-18. Certificate of authority to transact business The commissioner shall issue a certificate of authority to a safe deposit company in which it shall be stated that the safe deposit company therein named has complied with the provisions of this chapter and is authorized to…

17:14A-19. Time within which to issue certificate or notify company of refusal The commissioner shall, within 30 days after receipt of the company's certificate of incorporation and the verified certificate certifying as to the payment of capital, issue the certificate of authori…

17:14A-2. Applicability of chapter This chapter shall apply to all corporations organized prior to and after the effective date of this chapter. L.1983, c. 566, s. 17:14A-2.

17:14A-20. Review of refusal to issue certificate of authority The commissioner's failure to issue the certificate of authority or to notify the company in writing of his reasons for refusal to issue the certificate of authority within the time specified in R.S. 17:14A-19 shall b…

17:14A-21. Dissolution for failure to obtain certificate of authority or commence business If a safe deposit company shall fail to obtain a certificate of authority within six months from the date of the commissioner's approval of its certificate of incorporation or within the ex…

17:14A-22. Tolling of time to obtain certificate of authority or commence business If proceedings are instituted to review the commissioner's approval of an application to file a certificate of incorporation or to review the commissioner's failure to issue a certificate of author…

17:14A-23. Powers In addition to the powers conferred by Title 14A of the New Jersey Statutes, Corporations, General, so far as they are not inconsistent with the provisions of this chapter, a safe deposit company may, as lessor, lease vaults, safe deposit boxes and other recepta…

17:14A-24. Directors; number; election; term The affairs of a safe deposit company shall be managed by a board of at least five directors elected by the stockholders of the company at each annual meeting. The persons receiving the greatest number of votes shall be the directors. …

17:14A-25. Directors; voting rights of stockholders At a meeting of stockholders for the election of directors, a stockholder shall be entitled to one vote for each share of stock owned. A stockholder may vote by a proxy in writing signed by him. L.1983, c. 566, s. 17:14A-25.

17:14A-26. Directors; oath Each director shall, following his election and before the assumption of any duties as a director, take an oath that he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the safe deposit company, and that he w…

17:14A-27. Bonding of directors, officers and employees Every safe deposit company shall, at its own expense, cause to be bonded, by a surety company or companies authorized to transact business in New Jersey, each director, all officers and employees of the company in an amount …

17:14A-28. Bonding of directors, officers and employees; waiver If a safe deposit company is unable to obtain the bond or bonds required by R.S. 17:14A-27, the commissioner may, in his discretion, waive the requirements of R.S. 17:14A-27 for a period of one year, upon terms as he…

17:14A-29. Branch offices; capital requirements; location A safe deposit company may, pursuant to a resolution of its board of directors and by an amendment to its certificate of incorporation to increase its capital stock in an amount of at least $100,000.00 for each branch offi…

17:14A-3. Carrying on safe deposit business A corporation organized under any law other than this chapter shall not be authorized to carry on a safe deposit business, but this section shall not apply to State or federally chartered banks, savings banks, savings and loan associati…

17:14A-30. Branch offices; application, approval Before a branch office shall be established, the safe deposit company shall file a written application in the department for the commissioner's approval. The commissioner shall, within 90 days after the filing of the application, a…

17:14A-31. Branch offices; failure to open and operate The failure of a safe deposit company to open and operate a branch office within six months after the commissioner approves the application therefor shall automatically terminate the right of safe deposit company to open the …

17:14A-32. Branch offices; discontinuance By resolution of its board of directors, a safe deposit company may discontinue a branch office. Upon adoption of the resolution, the safe deposit company shall file a certificate in the department specifying the location of the branch of…

17:14A-33. Change of principal or branch office; application A safe deposit company may change the location of its principal office or of a branch office to a location by filing an application in the department. L.1983, c. 566, s. 17:14A-33.

17:14A-34. Change of principal or branch office; approval The commissioner shall approve the application for a change of location of the principal office of a safe deposit company or a branch office if it shall appear from the application or from any investigation he may make tha…

17:14A-35. Merger Any safe deposit company may, with the approval of the commissioner, merge with any other safe deposit company, bank, savings bank or savings and loan association subject to any applicable law relating to the merger of banks, savings banks or savings and loan as…

17:14A-36. Merger agreement; authorization The boards of directors of each company proposing to merge shall authorize the execution of a merger agreement which shall contain: a. The names of the safe deposit companies proposing to merge and the location of the principal office an…

17:14A-37. Consolidation Any two or more safe deposit companies may, with the approval of the commissioner, consolidate into a new company as hereinafter provided. L.1983, c. 566, s. 17:14A-37.

17:14A-38. Consolidation plan; authorization The boards of directors of each safe deposit company proposing to consolidate into a new company shall authorize the execution of a plan of consolidation which shall contain: a. The names of the safe deposit companies proposing to cons…

17:14A-39. Approval or disapproval of merger agreement or consolidation plan by commissioner The merger agreement or consolidation plan, executed by all the parties thereto, shall be submitted to the commissioner who shall, within 60 days from the date of submission, endorse ther…

17:14A-4. Use of words "safe deposit" A corporation organized under any law other than this chapter shall not use the words "safe deposit" as part of its name. L.1983, c. 566, s. 17:14A-4.

17:14A-40. Review of commissioner's disapproval of merger agreement or consolidation plan The commissioner's disapproval of a merger agreement or consolidation plan, as provided in R.S. 17:14A-39, shall be subject to review by appeal to the Appellate Division of the Superior Cour…

17:14A-41. Submission of merger agreement or consolidation plan to stockholders If the commissioner approves the merger agreement or consolidation plan, or if the merger agreement or consolidation plan is approved after review as provided in R.S. 17:14A-40, it shall, within 180 d…

17:14A-42. Approval by stockholders; filing agreement or plan If the merger agreement or consolidation plan is approved by the affirmative vote of 2/3 of the stockholders of each company, that fact shall be certified as to each company by its president or a vice president and the…

17:14A-43. Merger agreement or consolidation plan as evidence A copy of the merger agreement or consolidation plan, certified by the commissioner, shall be evidence in all courts and places. L.1983, c. 566, s. 17:14A-43.

17:14A-44. Recording copy of merger agreement or consolidation plan with county recording officer A copy of the merger agreement or consolidation plan, certified by the commissioner, may be recorded in the office of the county recording officer charged with the duty of recording …

17:14A-45. Effect of merger or consolidation Upon the merger or consolidation of two or more safe deposit companies: a. The parties to the merger agreement or plan of consolidation shall be a single company, which, in the case of a merger, shall be the corporation designated in t…

17:14A-46. Merger or consolidation; issuance of new stock certificates A surviving company or the new company resulting from a merger or consolidation shall require each stockholder of a company participating in a merger or consolidation to surrender his certificates of capital s…

17:14A-47. Liability of stockholders The holders of shares of capital stock of a safe deposit company shall not be liable, by reason of their owning the stock, for any debts, contracts or obligations of the safe deposit company. L.1983, c. 566, s. 17:14A-47.

17:14A-48. Language in rental agreement An agreement for the rental of vaults, safe deposit boxes, and other receptacles for the storage and safekeeping of personal property shall be written in simple, clear, understandable and easily readable language as provided in P.L.1980, c.…

17:14A-49. Notice to lessee as to insurance and contents of vaults, etc. An agreement for the rental vaults, safe deposit boxes or other receptacles for the storage and safekeeping of personal property shall contain language in bold face type substantially as follows: Important N…

17:14A-5. Reservation of power This chapter may be supplemented, altered, amended or repealed by the Legislature, and every corporation to which this chapter applies shall be bound thereby. L.1983, c. 566, s. 17:14A-5.

17:14A-50. Books and records A safe deposit company shall keep and maintain all books and records required by law and in addition thereto shall keep and maintain all books and records as may be required under rules and regulations promulgated by the commissioner pursuant to P.L.1…

17:14A-51. Proceedings for unpaid rental 17:14A-51. If the amount due for the rental of any vault, safe deposit box or receptacle for the storage and safekeeping of personal property of any safe deposit company or bank, savings bank, or savings and loan association authorized to …

17:14A-52. Accessibility to vault, safe deposit box or receptacle The right of access to a vault, safe deposit box or receptacle rented to a lessee by a safe deposit company shall be governed by the rental agreement, the provisions of P.L.1955, c. 151 (C. 46:39-1 et seq.), R.S. 5…

17:14A-53. Control of safe deposit company It shall be unlawful for any person or company, except with the approval of the commissioner, to acquire control of a safe deposit company incorporated under this chapter. L.1983, c. 566, s. 17:14A-53.

17:14A-54. Control of safe deposit company; "control" defined As used in R.S. 17:14A-53, "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a safe deposit company, whether by means of the ownersh…