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

17:12B-54. Excess payments; employee contributions Nothing in this act shall prevent the payment of greater benefits as set forth in the plan if the officer or employee contributes the premium or other charges for the purchase or return of benefits in excess of the maximum set fo…

17:12B-55. Death benefits Where a plan or plans provide for death benefits, said death benefits shall not exceed an amount equal to 100 times the monthly pension benefit provided under the plan or plans, or the cash surrender value of any insurance or annuity contracts as provide…

17:12B-56. Appropriation for payments; merger of associations Any payments required to establish a pension fund out of which benefits may be paid directly or to provide for prior service credits under the pension plan or for any proper purpose in connection with the establishment…

17:12B-57. Submission of pension plan for approval of commissioner Every pension plan adopted or altered for a State association shall before it is placed in operation, be submitted to the commissioner for his approval. The commissioner shall approve such plan or alterations ther…

17:12B-58. Plans sponsored by federal home loan banks Notwithstanding any other provisions of this act, a State association, with the approval of the commissioner, may adopt any plan for retirement or disability benefits for its officers or employees in accordance with any plan s…

17:12B-59. Contracts for pension payments to retired officers and employees In addition to the powers to adopt pension plans as set forth in this act, a State association may subject to the approval of the commissioner, contract to make pension payments to retired officers and em…

17:12B-6. Gross income "Gross income" shall mean the sum, for an accounting period, of the following: (a) Operating income. (b) Real estate income. (c) All profits actually received during such accounting period from the sale or transfer of securities, real estate or other proper…

17:12B-60. Discontinuance of participation in pension plan Any State association may at any time discontinue its participation in a pension plan and terminate any and all prospective liability in connection therewith, by giving at least 30 days' written notice of its intention so…

17:12B-61. Transmission of money; money orders; travel checks Any association may receive money for transmission and may transmit such money through the Federal Home Loan Bank of New York, or through any bank or trust company, and may sell money orders and travel checks as agent …

17:12B-62 Directors, number, powers. 62. Directors, number, powers. The business and affairs of every State association shall be managed and directed by a board of directors. The board shall consist of such number as the bylaws provide, but not less than five. Each director shall…

17:12B-62.1. Association deemed in compliance with prohibition on interlocking relationships 27. Any association that is in compliance with the federal "Depository Institution Management Interlocks Act," 12 U.S.C. s.3201 et seq. and the federal regulations effectuating that act, …

17:12B-63. Director's election; vacancies The directors shall be elected by the members of a mutual association or the stockholders of a capital stock association, as the case may be, by ballot at the annual meeting, for such term, not exceeding 3 years, as the bylaws provide. Wh…

17:12B-64. Attorneys; employees The board may retain or employ one or more attorneys-at-law or firm of attorneys-at-law of this State for a term not longer than 1 year. The board may employ, or authorize any officer to employ, any persons necessary for the conduct of the business…

17:12B-65. Officers 65. The officers of every State association shall be a president, one or more vice presidents, a secretary and a treasurer and may include a chairman of the board if the bylaws so provide, together with such other officers as provided by the bylaws or as deter…

17:12B-66. Officers' powers Each officer in addition to such powers and duties as usually pertain to his office shall have such powers and duties as the by-laws may provide and as may be delegated to him by the board. L.1963, c. 144, s. 66.

17:12B-67. Oath of office of directors and officers Each officer and director shall, before entering upon the duties of his office, take and subscribe to the following oath or affirmation of office: OATH OR AFFIRMATION OF OFFICE State of New Jersey County of ss.: of full age, bei…

17:12B-67.1. Disqualification of officers, directors or employees; conviction of crime; pendency of appeal Except with the written consent of the commissioner, no person who has been convicted, or who is hereafter convicted, of any crime involving dishonesty or a breach of trust,…

17:12B-67.2. Penalty For each willful violation of this prohibition, the association shall be liable to a penalty of not more than $100.00 a day, for each day this prohibition is violated. L.1966, c. 80, s. 2.

17:12B-68. Minimum account requirements for directors Each director shall at all times own, in his own name, an account in his State association having an unencumbered balance as hereinafter set forth: (a) In a State association having assets of less than $500,000.00, an unencumb…

17:12B-69. Loans to officers, directors, attorneys or employees In accordance with rules and regulations promulgated by the Federal Savings and Loan Insurance Corporation, a State association may make or purchase any loan which it is otherwise authorized by law to make or purchas…

17:12B-7. Net income "Net income" shall mean gross income, for an accounting period, less the aggregate of the following: (a) Operating expenses. (b) Real estate expenses. (c) All losses actually sustained during such accounting period from the sale of securities, real estate or …

17:12B-70. Default by directors and officers No person who is in default for a period of more than 3 months in the payment of any obligation to an association, shall be elected as an officer or director of such association. If any officer or director defaults for a period of more…

17:12B-71. Restriction upon purchase of accounts No officer, director, attorney or firm of attorneys or employee of any State association shall purchase any savings account or shares in such State association from any other person, directly or indirectly, for less than the withdr…

17:12B-72. Limitation of expenses The aggregate amount of an association's expenses in any fiscal year for the compensation of officers, employees and directors and for premiums, contributions, or other expenditures made in connection with retirement, life insurance, disability, …

17:12B-73. Bonds required; indemnification of officers, directors and employees A. Bonds required The board shall require the secretary, treasurer, attorney, conveyancer and every other officer, director, employee, or agent handling or having the custody or charge of money, secur…

17:12B-74. Membership generally The members of a State association shall be those in whose names accounts are established either as savings members or as borrowing members. Except as limited by the provisions of this act, or the by-laws of a State association, or its board, any p…

17:12B-75. Plans Each mutual association shall operate upon one of the plans set forth in this section; and the bylaws of each mutual association shall designate under which of said plans it shall operate. Plan 1. The nonshare plan described in section 76. Plan 2. The share plan …

17:12B-76. Nonshare plan A State association operating pursuant to the nonshare plan shall issue to each savings member an account book or, in lieu thereof, any other evidence of the account which may be approved by the commissioner. Any such State association may also issue to e…

17:12B-77. Share plan Membership in a State association operating pursuant to the share plan shall be evidenced by a share certificate, account book, or, in lieu thereof any other evidence of the account which may be approved by the commissioner, provided, however, the membership…

17:12B-78. Limitation upon accounts No savings member shall hold an account or accounts in any one State association with an aggregate participation value exceeding $20,000.00 or 1% of the capital of the State association, whichever is greater; provided, however, that such limita…

17:12B-79. Forms of certificate Forms of certificate. The following form of membership certificate is hereby prescribed. This certifies that ..................... is a savings borrowing .................................. member of the undersigned and holds a membership account th…

17:12B-8. Principal office; branch office; auxiliary office; remote service unit (a) "Principal office" shall mean the legally established office of an association for the transaction of its business, other than a branch office, auxiliary office, agency, or a remote service unit …

17:12B-80. Governmental agencies may be members The United States of America, the State of New Jersey, or any agency or instrumentality of either of them, or any corporation incorporated under the laws of the United States, in the stock of which the Secretary of the Treasury of t…

17:12B-81. Minors Minors may be members and shall be entitled to all of the rights and privileges and subject to all of the duties and liabilities of membership to the same extent as persons over the age of 21 years. A minor may endorse for credit to his account with an associati…

17:12B-82. Membership trust accounts When a membership trust account is opened in the manner provided in the "Multiple-party Deposit Account Act" , and, a. Where a trustee's death terminates the trust under the provisions of section 5c(2) of the "Multiple-party Deposit Account Ac…

17:12B-83. Applicability to moneys paid to account by trustee under will, other fiduciary instrument, court order or decree Section 82 of this act shall not apply to the moneys paid to an account by a trustee acting under a will, other fiduciary instrument, court order or decree.…

17:12B-84. Release from claims of fiduciaries, beneficiaries or legal representatives An association which makes any payment pursuant to section 82 of this act prior to service upon the association of an order of court restraining such payment shall, to the extent of each payment…

17:12B-85. Rights of beneficiary on death of fiduciary; effect of laws requiring valid testamentary disposition When an account is maintained in a form described in section 82 of this act the right of the named beneficiary to be vested with sole and indefeasible title to the mone…

17:12B-86. Applicability to federal associations having principal offices in state The provisions of section 82 of this act shall also apply to all Federal associations having their principal offices in this State, where such procedures are not in conflict with any Federal laws, …

17:12B-87. Authority of attorney to manage or make withdrawals from account An association may continue to recognize the authority of any attorney authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a member until it recei…

17:12B-89. Payment to credit of account of beneficiaries or their order When a membership account is opened by a person or persons payable on death to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act" , and the account is terminated…

17:12B-9. Agency "Agency" shall mean a place of business other than the principal office, a branch office, auxiliary office, or a remote service unit of an association, at which an agent or agents of the association may receive payments on savings accounts, payments on loans or a…

17:12B-90. Payment to credit of account when beneficiaries under 16 years of age When a membership account is opened by a person or persons payable on death to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act," and the account is te…

17:12B-91. Payment when account terminated and one or more beneficiaries under, and one or more beneficiaries over, 16 years of age When a membership account is opened by a person or persons payable on death to a beneficiary or beneficiaries in the manner provided in the "Multipl…

17:13-100. Credit committee 22. a. If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board shall appoint, or the members shall elect a credit committee of not less than three nor more than seven members, who shall serve as set forth …

17:13-101. Issuance of shares and certificates; deposits; accounts offered; trustee or custodian of accounts and funds; payment of dividends a. A credit union shall issue shares and share certificates, which shall constitute the capital of the credit union. Shares may be subscrib…