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

17:9A-171. Effect of reorganization upon claims and property Upon the issuance of the certificate of authority pursuant to subsection C of section 168, (1) the plan shall be binding upon the bank and upon all of its depositors, other creditors and stockholders; and (2) the proper…

17:9A-173. Limitation on actions No reorganization effected pursuant to the provisions of this article shall be questioned in any action in any court unless such action is instituted within three months from the issuance of the certificate of authority pursuant to subsection C of…

17:9A-174. Application of article A. The provisions of this article shall apply to the investment of the funds of all savings banks. All investments of money and all sales and transfers of securities may be made as provided in this article, notwithstanding any provision in the ce…

17:9A-175. Federal, State, county and municipal securities A. A savings bank may invest in (1) stocks, bonds, and notes or obligations of or guaranteed by the United States, or those for which the credit of the United States is pledged for the payment of the principal and interes…

17:9A-175.1. Obligations of Canadian government, provinces or cities A. A savings bank may invest in (1) bonds, debentures, notes or other obligations issued, guaranteed or assumed as to both principal and interest by the government of the Dominion of Canada or by any province of…

17:9A-175.2. Definitions As used in this act, the following words and terms shall be deemed to have the following meanings: (a) The word "unit" shall mean any State or any political subdivision thereof, any authority, department, district or commission, or any agency or instrumen…

17:9A-175.3. Revenue bonds of governmental unit payable from revenues of utility operated by unit A savings bank may, in addition to other investments, presently or from time to time hereafter authorized by law (including specifically revenue bonds so authorized, notwithstanding …

17:9A-175.4. Restriction on investment by savings banks No savings bank shall make an investment pursuant to this act at any time (a) when the total of all of such investments exceeds, or if the making of such investment would cause such total to exceed 10% of its deposits; or (b…

17:9A-175.5. Construction of act Nothing in this act shall be construed to enlarge the classes of investments permitted for fiduciaries, or any other type of investor whose investments are regulated by statute, by reference in any such statute to investments which are legal for s…

17:9A-177. Railroad bonds A. For the purposes of this section, (1) "railroad company" shall include predecessor and constituent corporations, and shall mean a railroad company which is not in receivership, bankruptcy, or reorganization, and which, or the corporation or corporatio…

17:9A-178. Public utility bonds and debentures A. As used in this section, (1) "bonds of a public utility company" and "debentures or other bonds of a public utility company" shall mean bonds or debentures, as the case may be, issued, guaranteed, assumed, or otherwise agreed to b…

17:9A-179. Equipment obligations Subject to the limitations prescribed by section 179.1 a savings bank may invest in equipment obligations or certificates secured by (a) a railroad equipment or car trust, or (b) a lease or conditional sale of or security interest in, or (c) a lie…

17:9A-179.1. Limitations on investments in railroad obligations A. No savings bank shall make an investment pursuant to section 177 or section 179 at any time when the total of all its investments made pursuant to both such sections exceeds, or if the making of any such investmen…

17:9A-18 Names of banks, savings banks; use, certain, waiver. 18. A. The name of every bank shall contain the word "bank" or "banking" or "trust," or a combination of the words "bank" or "banking" and "trust," except that no bank which is not qualified to exercise any of the powe…

17:9A-18.1 Persons ineligible to serve as officer, director, employee. 1. Except with the written consent of the commissioner, no person shall serve as an officer, director or employee of a bank, savings bank or bank holding company if (a) that person is convicted of any crime in…

17:9A-18.2. Penalty For each willful violation of this prohibition, the bank or savings bank shall be liable to a penalty of not more than $100.00 a day, for each day this prohibition is violated. L.1966, c. 79, s. 2.

17:9A-180. Industrial obligations A. A savings bank may invest in bonds, debentures, notes, or other obligations which mature within thirty years from the time of the investment, and which are issued by an industrial company incorporated within and transacting business within the…

17:9A-180.1. Corporate interest bearing securities not otherwise eligible A savings bank may, in addition to other investments presently or from time to time hereafter authorized by law, invest in corporate interest-bearing securities not otherwise eligible for investment by savi…

17:9A-180.10. Legal investments for fiduciaries and others not enlarged Nothing in this act shall be construed to enlarge the classes of investments permitted for fiduciaries or any other type of investor whose investments are regulated by statute, by reference in any such statut…

17:9A-180.11. Investments in debentures of New York trust companies A savings bank may, in addition to other investments presently or from time to time hereafter authorized by law, subscribe for, purchase, hold and surrender from time to time debentures of any trust company organ…

17:9A-180.2. Limitations on investments in such corporate interest bearing securities No savings bank shall make an investment pursuant to this act at any time when the total of all such investments in obligations of such corporation, including bonds issued, guaranteed, assumed o…

17:9A-180.3. Additional limitation on investments in such corporate interest bearing securities No savings bank shall make an investment pursuant to this act at any time when the total of all such investments exceeds, or if the making of such investment would cause such total to …

17:9A-180.3a. Transfer of securities to other classes becoming eligible for investment; determination of limitations Whenever a savings bank shall have made an investment pursuant to the act to which this is a supplement and any such security shall thereafter become eligible for …

17:9A-180.4. Classes of investments for fiduciaries or others not enlarged Nothing in this act shall be construed to enlarge the classes of investments permitted for fiduciaries or any other type of investor whose investments are regulated by statute, by reference in any such sta…

17:9A-180.5. Investment in corporate stock A savings bank may, in addition to other investments, presently or from time to time hereafter authorized by law, invest in (1) stocks, preferred or common, issued or guaranteed by a corporation created or existing under the laws of the …

17:9A-180.6. Limitation on investment in corporate stock; exemptions No savings bank shall make an investment in the stock of any corporation pursuant to this act, except in investment under section 1(2), hereof, which investments are exempt from the limitations imposed by this s…

17:9A-180.7. Investment in stocks limited to certain percentage of surplus No savings bank shall make an investment pursuant to this act at any time when the total of all such investments exceeds, or if the making of such investment would cause such total to exceed 75% of its sur…

17:9A-180.8. Regulations regarding investments in stocks The Commissioner of Banking and Insurance may issue such regulations as he finds necessary and proper to carry out the provisions of this act. L.1953, c. 78, p. 1001, s. 4.

17:9A-180.9. "Surplus" defined As used in sections 2 and 3 hereof, surplus of a savings bank shall mean the total of its surplus, undivided profits and unallocated reserves, and shall be the amount shown as the total surplus accounts in the latest report of condition made and fil…

17:9A-182. Loans on collateral security A. In addition to loans elsewhere in this act authorized, a savings bank may make loans (1) to a depositor, in a sum or sums not greater than the amount of his deposit, upon the promissory note of the depositor, secured by the pledge of his…

17:9A-182.1. Regulations authorizing certain loans and investments; powers of commissioner The Commissioner of Banking and Insurance shall have power to make, amend and repeal regulations authorizing savings banks to make specified kinds of loans or investments not authorized by …

17:9A-182.2. Objective of regulations In exercising the power conferred upon him by this act, the commissioner shall consider the statutes, regulations and rulings governing the lending and investing powers of Federally chartered savings and loan associations, and the regulations…

17:9A-182.3. Investment in specified investment securities not otherwise authorized; regulations The Commissioner of Banking shall have power to make, amend and repeal regulations authorizing savings banks to invest in specified investment securities not authorized by the act to …

17:9A-183. Legality of investments; retention of investments A. The board of managers, in determining whether any investment is lawful, may rely upon statistical, financial, corporate or other information as to such investment, and upon ratings or other opinion as to the financia…

17:9A-184. Deposits; maximum and minimum amounts A. Subject to paragraph C. of this section, a savings bank may receive on deposit any sum of money which may be offered for that purpose. B. A savings bank may (1) subject to paragraph C. of this section, limit to any sum it deems …

17:9A-185. Payment to depositors; regulations Subject to the provisions of article 35, the deposits made in a savings bank, together with any dividend or interest credited thereto, shall be repaid to the depositors, or to their legal representatives or other persons entitled ther…

17:9A-186. Interest and dividends A. Except as may otherwise be hereinafter provided or provided by law now or hereafter enacted or by rules and regulations promulgated pursuant to law or to which the savings bank is subject by reason of membership in the Federal Deposit Insuranc…

17:9A-187. Reserve balances A. Every savings bank shall maintain reserve balances on deposits and on such other liabilities of the savings bank in amounts as prescribed by the Federal Reserve Board pursuant to the "Depository Institutions Deregulation and Monetary Control Act of …

17:9A-188. Board of managers; number; qualifications; oath 188. Board of managers; number; qualifications; oath. A. (1) Except as otherwise provided by subsection L of this section, every savings bank shall be managed by a board of not less than five and not more than twenty-one …

17:9A-189. Board of managers; change in number A. Subject to the provisions of subsection L of section one hundred eighty-eight, the board of managers may, from time to time, increase or decrease the number of managers within the limits prescribed by subsection A of section one h…

17:9A-19. Communication terminal facility; capital requirements 19. A. Any bank or savings bank may, pursuant to a resolution of its board of directors or board of managers, establish and maintain branch offices, subject to the conditions and limitations of this article. B. (Dele…

17:9A-19.1. Certain branch offices not affected by act Nothing in this act shall affect the continued maintenance of any branch office lawfully in operation on the effective date hereof, nor shall anything in this act affect any branch office heretofore or hereafter established p…

17:9A-19.2. Authority for insured depository institution to act as agent for affiliate; construction of "control"; authority of commissioner 1. a. An insured depository institution located in this State may accept deposits and conduct other banking business as agent for any affil…

17:9A-190. By-laws; chairman of the board; committees A. The board of managers of every savings bank shall have power to make, amend and repeal by-laws not inconsistent with this act, providing for the management of its property; the regulation and government of its affairs; the …

17:9A-191. Officers; tenure 191. The board of managers may elect from its own number or otherwise, such officers as it may from time to time see fit or may delegate the authority to appoint officers other than the president or chairman to the president by resolution of the board …

17:9A-192. Officers and managers; removal A. A manager of a savings bank may be removed at any time by vote of two-thirds of the entire membership of the board at the time in office. B. An officer of a savings bank may be removed at any time by vote of a majority of the entire me…