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

17:9A-395. Distribution of surplus The board of directors of the mutual savings bank holding company may, from time to time, by a majority vote of the directors, divide equitably any surplus which may be in excess of the amount required for the operations of the mutual savings ba…

17:9A-396. Retention of interests in assets Upon the formation of a mutual savings bank holding company pursuant to the provisions of this act, the depositors of the organizing mutual savings bank shall retain the same interests in the assets of the mutual savings bank holding co…

17:9A-397. Incorporation of subsidiary bank The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section th…

17:9A-398. Submission of certificate of incorporation a. The certificate of incorporation of every subsidiary capital stock savings bank established pursuant to this act shall be submitted to the commissioner within 60 days after its execution, together with an affidavit made by …

17:9A-399. Approval of charter If the commissioner determines that the qualifications, experience and character of the proposed officers and directors of the subsidiary capital stock savings bank are sufficient to result in the successful operation of the subsidiary capital stock…

17:9A-4. Capital stock and surplus A. The capital stock of every bank hereafter organized shall amount to not less than: (1) $100,000.00, if the population of the municipality wherein the principal office of the bank is to be located does not exceed 10,000; (2) $150,000.00, if th…

17:9A-40. Participations; valuation; general provisions A. If so provided in the plan pursuant to which a common trust fund is established and maintained, the bank may divide the common trust fund into as many units as it may deem advisable, and it may increase or decrease the nu…

17:9A-400. Bylaws of subsidiary a. The stockholders of a subsidiary capital stock savings bank shall have the power to make, alter, and repeal bylaws. The directors of the mutual savings bank holding company which holds stock in the subsidiary capital stock savings bank shall vot…

17:9A-401. Meetings for actions on bylaws Bylaws shall not be made, altered, or repealed by the stockholders of a subsidiary capital stock savings bank, except at an annual or special meeting of the stockholders, and by the affirmative vote of the holders of a majority of the cap…

17:9A-402. Amendment of certificate of incorporation 21. Whenever the board of directors of a subsidiary capital stock savings bank deems it advisable to amend the certificate of incorporation, it shall adopt a resolution setting forth the proposed amendment, which amendment shal…

17:9A-403. Governance of operations The annual meetings, voting rights of stockholders, liability of stockholders and the maintenance of a subsidiary capital stock savings bank's books and records shall be governed by the provisions of article 17 of P.L. 1948, c. 67 (C. 17:9A-79 …

17:9A-404. Declaration of dividends A subsidiary capital stock savings bank may declare dividends on its capital stock pursuant to the provisions of section 52 of P.L. 1948, c. 67 (C. 17:9A-52). L. 1987, c. 201, s. 23.

17:9A-405. Other powers, rights, privileges a. All other powers, rights, and privileges of a converted savings bank or a subsidiary capital stock savings bank not expressly provided for in this act shall be governed by the laws of this State relating to savings banks, including t…

17:9A-406. Merger; consolidation a. A subsidiary capital stock savings bank may, pursuant to a plan of merger approved by the commissioner, merge with the organizing mutual savings bank or, pursuant to a plan of consolidation approved by the commissioner, purchase or retain the a…

17:9A-407. Conversion to capital stock savings bank As an alternative to the formation of a subsidiary capital stock savings bank pursuant to the provisions of sections 16 through 24 of this act, an organizing mutual savings bank which has established a mutual savings bank holdin…

17:9A-408. Amended certificate of incorporation In the event that the board of managers elects to follow the procedures provided in subsection b. of section 7 of this act, the managers shall, with the approval of the commissioner: a. Adopt an amended certificate of incorporation …

17:9A-409. Definitions relative to acquisitions 28. As used in sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417): "Acquire" means: (1) That a company merges or consolidates with a bank holding company; (2) That a company assumes direct or indirect ownersh…

17:9A-41. Powers and obligations of banks Except as by this article otherwise provided, a bank in investing, reinvesting, exchanging, retaining, selling, valuing or otherwise acting with respect to the property of a common trust fund and of a trust estate, shall be subject to and…

17:9A-410. Acquisition of New Jersey bank, bank holding company 29. Sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) set forth the conditions under which a person may acquire a New Jersey bank or New Jersey bank holding company. Sections 28 through 36 ar…

17:9A-411. Approval of commissioner required for acquisition of New Jersey bank holding company, bank 30. a. Except as otherwise expressly permitted by federal law, no person may acquire a New Jersey bank holding company or a New Jersey bank without the prior approval of the comm…

17:9A-412. Procedure for acquisition 31.a. A person that proposes to make an acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) shall: (1) file with the commissioner an application in the form that the commissioner requires; and (2) pay t…

17:9A-413. Approval of application for proposed acquisition 32. a. In deciding whether to approve an application for a proposed acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417), the commissioner shall consider whether the acquisition ma…

17:9A-414. Approval of acquisition 33. a. The commissioner shall decide whether to approve an acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) within 60 days after receipt of a completed application, provided, that if the commissioner r…

17:9A-415 Submission of report to commissioner; violations; penalty. 34. a. To the extent specified by the commissioner by regulation, order or written request: (1) each bank holding company or person that controls a New Jersey bank or a New Jersey bank holding company shall subm…

17:9A-416. Enforcement of C.17:9A-409 through C.17:9A-417 35. The commissioner may enforce the provisions of sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) by any appropriate action in the Superior Court of this State, including an action for civil mon…

17:9A-417. Powers of commissioner relative to C.17:9A-409 through C.17:9A-417 36. In order to carry out the purposes of sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) the commissioner may: a. Adopt regulations pursuant to the "Administrative Procedure …

17:9A-418. Law, definitions, standards applicable to foreign banks 37. a. Sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467) shall govern the establishment and operation in New Jersey of offices and certain commercial lending company affiliates of banks or…

17:9A-419. Definitions relative to foreign banks 38. As used in sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467): "Agency" means any place of business of a foreign bank at which credit balances are maintained, checks are paid, money is lent, or, to the e…

17:9A-42. Compensation No bank shall charge or be entitled to any fee, commission, or other compensation by reason of its establishing and maintaining one or more common trust funds, in addition to the fees, commissions, or other compensation otherwise lawfully payable to such ba…

17:9A-420. Foreign bank offices; division into classes, ranking 39. a. For purposes of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467), offices of foreign banks are divided into classes and ranked in ascending order, as follows: (1) Representative offic…

17:9A-421. Fees relative to foreign banks 40.Fees shall be paid to, and collected by, the commissioner as follows: a. The fee for filing with the commissioner an application by a foreign bank which is not licensed to transact business in this State for approval to establish a bra…

17:9A-422. Application procedure 41. a. Each application filed with the commissioner under sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467) or under any regulation or order issued under sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9…

17:9A-423. "Act" defined, commissioner's findings relative to application 42. a. In this section, "act" includes, without limitation, omission. b. For purposes of making findings on an application by a foreign bank or commercial lending company for approval to establish an office…

17:9A-424. Reports filed by foreign bank, commercial lending company 43. a. Each foreign bank and commercial lending company which is licensed to establish an office shall file with the commissioner reports as and when the commissioner may by regulation or order require. b. Each …

17:9A-425. Books, accounts, records of foreign bank, commercial lending company 44. Each foreign bank and commercial lending company which is licensed to establish an office shall make, keep, and preserve at an office or at any other place as the commissioner may by regulation or…

17:9A-426. Prohibition on concurrent establishment of federal and State branch office 45. a. No foreign bank which is licensed to establish an agency or branch office shall concurrently establish a federal agency or federal branch in this State. b. No foreign bank which establish…

17:9A-427. Opening, maintenance of offices 46. A foreign bank or commercial lending company may open one or more offices in this State. Each office shall be separately licensed and each office of a separate class shall be separately maintained. L.1996,c.17,s.46.

17:9A-428. Requirement that commissioner be appointed as attorney to receive service of process; service 47. a. (1) No foreign bank, other than a foreign bank which is licensed to establish an agency or branch office, shall be issued a license to establish a representative office…

17:9A-429. License not transferable, assignable 48. No license shall be transferable or assignable. L.1996,c.17,s.48.

17:9A-43. Powers of commissioner The commissioner shall have power, from time to time, to make, amend, supplement, and repeal such rules and regulations, not inconsistent with the provisions of this article, governing common trust funds as he shall deem necessary to enable banks …

17:9A-430. Posting of license 49. Each foreign bank and commercial lending company which is licensed to establish an office shall post its license in a conspicuous place at that office. L.1996,c.17,s.49.

17:9A-431. Popular name assigned to foreign bank, commercial lending company 50. a. Each foreign bank and commercial lending company which is licensed to establish an office shall assign to that office a popular name which consists of a specific designation by name, number or bot…

17:9A-432. Designation of primary office 51. Whenever a foreign bank is licensed to establish two or more offices it shall designate one of those offices as its primary office. L.1996,c.17,s.51.

17:9A-433. Conduct of business in single building, adjoining buildings; exceptions 52. Each foreign bank and commercial lending company which is licensed to establish an office shall conduct all of the business of that office in a single building or in a single building and adjoi…

17:9A-434 Examination of licensed office. 53. a. The department shall have the right to examine each office which the commissioner licenses under sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467). The department shall insure that each office which is lice…

17:9A-435. Compliance with applicable interest rate limitations 54. A foreign bank or commercial lending company which makes a loan or extends credit from an office in this State, or books a loan or extension of credit in this State, shall comply with any applicable interest rate…