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

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…

17:12B-295. Factors used in determining approval In determining whether to approve an acquisition of shares pursuant to section 2 of this act, the commissioner shall consider the following factors: a. With respect to the applicant: (1) The financial condition and the resources of…

17:12B-296. Shares acquired in violation not counted; shares to be registered a. Any shares in excess of 25% of the outstanding voting shares of a capital stock state association which are acquired in violation of sections 2 through 4 of this act shall not be eligible to be voted…

17:12B-297. Cease and desist orders; injunction; penalties a. Whenever it appears to the commissioner that any person has engaged in or is about to engage in any act or practice which constitutes a violation of sections 2 through 5 of this act or any regulations promulgated pursu…

17:12B-298. Formation of mutual state association holding company a. After the board of directors of an organizing mutual state association has approved the formation of a mutual holding company by a 2/3 vote and adopted a resolution to that effect, the board of directors shall h…

17:12B-299. Contents of certificate of incorporation a. The board of directors of the organizing mutual state association shall execute a certificate of incorporation for the mutual state association holding company stating: (1) The name by which the mutual state association hold…

17:12B-3. Application of act No State association shall hereafter be incorporated for the purposes stated in this act, except pursuant to the provisions of this act. The provisions of this act shall apply to all associations in existence and operating under the provisions of chap…

17:12B-3.1. Contracts with association supervisors of other states 101.The Commissioner is authorized to enter into contracts with association supervisors of other states for the purpose of establishing effective and efficient supervisory and regulatory structures and practices w…

17:12B-30. Auxiliary office, establishment, location 30. No auxiliary office shall be established or operated at a location which is outside this State or more than one mile from the office of the State association to which such auxiliary office is an adjunct; nor shall any such …

17:12B-300. Approval of charter If the commissioner determines that the establishment of a mutual state association holding company is in the best interests of the members of the organizing mutual state association, that the qualifications, experience and character of the propose…

17:12B-301. Powers of mutual state association holding company a. The general powers of the mutual state association holding company shall be those powers conferred on corporations pursuant to the provisions of N.J.S.14A:3-1, N.J.S.14A:3-2, N.J.S.14A:3-4, and N.J.S.14A:3-5. Mutua…