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

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 Reservation of power This chapter may be supplemented, altered, amended or repealed by the Legislature, and every corporation to which this chapter applies shall be bound thereby.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…

17:14A-55. Control of safe deposit company; "company" defined As used in R.S. 17:14A-53, "company" means a corporation, joint stock company, business trust, investment trust, general or limited partnership, voting trust, association, and any similar organized group of persons, wh…

17:14A-56. Control of safe deposit company; application to commissioner A person or company seeking to acquire control of a safe deposit company shall file a written application therefor with the commissioner which shall be in such form and contain such information as the commiss…

17:14A-57. Control of safe deposit company; investigation by commissioner After the filing of the application as provided in R.S. 17:14A-56, the commissioner shall conduct an investigation to determine whether: a. The acquisition of control of the safe deposit company is not cont…

17:14A-58. Control of safe deposit company; approval or disapproval of application The commissioner shall notify the applicant in writing of his approval or disapproval of the application to acquire control within 90 days after its filing unless he shall advise the applicant in w…

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…