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

17:9A-266. Definitions For the purposes of this article: (1) "Bank" shall mean a bank or savings bank; (2) "Board of directors" shall include the board of directors of a bank, and the board of managers of a savings bank; (3) "Director" shall include a director of a bank and a man…

17:9A-267. Commissioner's powers on ultra vires, unlawful and unsafe practices; review A. If the commissioner finds that a bank, or an out-of-State bank with a branch in this State, is violating the provisions of its certificate of incorporation, or is conducting its business in …

17:9A-268. Penalty for failure to comply with commissioner's order 268. A bank, or out-of-State bank with a branch in this State, which continues to violate the provisions of its certificate of incorporation or which continues to conduct its business in violation of any law of th…

17:9A-269. Possession by the commissioner; causes; purposes; return A. The commissioner may forthwith take possession of the property and business of any bank (1) Which has failed or refused to comply with the provisions of any order lawfully made by the commissioner; or (2) Whic…

17:9A-27. Effect of exercise of certain powers; disclosure of information by commissioner A. The authority by this act granted to exercise the powers specified in paragraphs (6), (7) and (8) of section 24, paragraph (12) of section 25, and paragraphs (4) and (5) of section 26, sh…

17:9A-27.10. Disposition of contributions of employee Every plan shall provide that, upon termination of employment of an employee for any cause other than retirement pursuant to such plan, or upon the death of such employee prior to such retirement, all contributions made by suc…

17:9A-27.11. Disposition of contributions of employer A plan may, but need not, provide that, upon termination of employment of an employee for any cause specified in such plan, other than retirement pursuant to such plan, or upon the death of such employee prior to retirement, a…

17:9A-27.12. Rights of creditors of bank No depositor or other creditor of any bank shall have any right in or claim against any retirement fund authorized by this act. L.1953, c. 124, p. 1315, s. 12.

17:9A-27.15. Determination of eligibility for retirement In determining the eligibility for retirement of an employee of a bank, a plan may provide that (a) the period or periods during which the employment of such employee by such bank shall, in time of war or emergency, be or h…

17:9A-27.16. Eligibility for retirement; permissive provisions A. In determining the eligibility for retirement of an employee, a plan may provide that (a) the period during which such employee was employed by a predecessor bank, and by a bank, savings bank or national bank towar…

17:9A-27.17. Disposition of plans of predecessor bank A. A successor bank may, with the approval of the commissioner, (a) continue any existing plan or plans, or fund or funds maintained or participated in by a predecessor bank or banks, in the same manner that such plan or plans…

17:9A-27.18. Attachment and garnishment Any retirement benefit shall be subject to execution, attachment, garnishment or other legal process to the extent and by the same procedure as provided by law in respect to execution upon or garnishment of wages or other earnings. No such …

17:9A-27.19. Delegation of administration of plan The board of directors may delegate the administration of any plan or fund to its executive committee or to a pension committee appointed by it. L.1953, c. 124, p. 1318, s. 19.

17:9A-27.2. Title insurance; safe deposit boxes; banks engaged in business before September 16, 1948 Every bank, as defined in the act to which this act is a supplement, which had been engaged in business prior to September sixteenth, one thousand nine hundred and forty-eight, wa…

17:9A-27.20. Continuance of payments A bank which, on the effective date of this act, is paying an employee a retirement benefit, pension or disability benefit not contrary to law in effect at the time of his retirement or disability, is authorized to continue the payment thereof…

17:9A-27.21. Continuance of prior plans A bank which, on the effective date of this act, maintains or participates in a retirement plan or fund not contrary to law in effect at the time of the adoption of or any alteration of such plan or fund, is authorized to continue to mainta…

17:9A-27.22. Approval of commissioner of adoption or alteration of plan A. Every plan hereafter adopted by a savings bank or hereafter substantially altered by a savings bank within the meaning of subsection D of section 7 of this act, shall, before it or such alteration is place…

17:9A-27.23. Additional powers In addition to the powers conferred by the preceding sections of this act, a bank shall have power to do all, or some, or 1 of the following, whether or not such bank maintains a retirement plan or fund: (1) pay premiums for insurance on the lives o…

17:9A-27.24. Retirement benefits not paid pursuant to plan A. A bank which maintains a retirement plan may pay (1) retirement benefits in reasonable amounts to employees whose employment has heretofore terminated or shall hereafter have terminated, and who are not entitled, for a…

17:9A-27.25. Powers of commissioner If it shall appear to the commissioner that any payment made by any bank for any benefit provided for by sections 23 or 24 of this act is excessive as to any one or more or all employees of a bank, he shall have power to order that any payment …

17:9A-27.26. Approval by commissioner Whenever, under the provisions of this act, the approval of the commissioner is required, written application for such approval shall be made to the commissioner in such form as he may prescribe. The commissioner shall, within 60 days after t…

17:9A-27.27. Short title This act may be cited as the Banks' and Savings Banks' Officers' and Employees' Retirement and Benefit Act. L.1953, c. 124, p. 1321, s. 27.

17:9A-27.3. Definitions As used in this act, unless the context otherwise requires, (a) "commissioner" means the Commissioner of Banking and Insurance of New Jersey; (b) "bank" includes banks and savings banks; (c) "board of directors" includes the board of directors of a bank, a…

17:9A-27.4. Adoption of plan; scope of plan A. If the original or amended certificate of incorporation of a bank other than a savings bank so provides, a plan or plans may be adopted and maintained by such bank pursuant to resolution of its board of directors; otherwise, such ban…

17:9A-27.5. Provisions of plans In addition to the objects stated in paragraph (f) of section 3 of this act, and in addition to those provisions which are elsewhere in this act required or permitted to be included in a plan, and without limitation as to the nature and scope of th…

17:9A-27.50. Stock option plan a. Subject to the limitations prescribed by this act, a bank may grant options to purchase shares of its capital stock to its officers and employees, and to the officers and employees of any subsidiary, without first offering the same to its stockho…

17:9A-27.51. Filing copy of plan and certificate of adoption and approval Before any stock option plan shall be placed in operation, a copy thereof shall be filed in the Department of Banking and Insurance, together with a certificate made by 2 officers, one of whom shall be the …

17:9A-27.52. Provision in certificate of incorporation for authorized but unissued shares of capital stock In order to have shares of its capital stock available for the purposes of this act, a bank may provide in its certificate of incorporation, or an amendment thereof, for aut…

17:9A-27.53. Certificate of bank; findings of commissioner; approval A. Prior to the date of the issuance of authorized and unissued shares of the capital stock of a bank for the purposes of this act, a certificate made by 2 officers of the bank, one of whom shall be the presiden…

17:9A-27.54. Short title This act may be cited as the Bank Officers and Employees' Stock Option Plan Act. L.1964, c. 202, s. 5.

17:9A-27.6. Contributions A plan may provide that the contributions or other charges required to be made or paid to the fund out of which, or by means of which, retirement benefits are payable, shall be made or paid only by the bank, or in part by the bank and in part by the empl…

17:9A-27.7. Alteration and rescission of plan A. A plan maintained by a savings bank may, subject to the provisions of section 22 of this act, be rescinded, or may be altered from time to time in the manner provided by such plan, and in the absence of such provision, by resolutio…

17:9A-27.8. Methods of effecting plans A plan may be effected and maintained through (a) a fund accumulated from the income of a bank, or set aside out of surplus, out of which retirement benefits may be paid directly, or which may be used, in whole or in part, for the purchase o…

17:9A-27.9. Eligibility for retirement benefits An employee shall be eligible to begin receiving retirement benefits at such age as shall be specified in a retirement plan. L.1953, c. 124, p. 1314, s. 9. Amended by L.1968, c. 37, s. 1, eff. May 9, 1968.

17:9A-271. Effect of possession by commissioner on liens; possession as a stay A. All levies, judgments, attachments and other liens, upon property obtained through legal proceedings against a bank when it is insolvent and within four months prior to the commissioner's taking pos…

17:9A-272. Powers of commissioner A. While in possession of the business and property of a bank, the commissioner may, in the name of the bank (1) Continue the business of the bank in all its aspects, including, in the case of a qualified bank, the exercise of its fiduciary and a…

17:9A-273. Jurisdiction of Superior Court The Superior Court shall have jurisdiction, on application by the commissioner for instructions in respect to the administration of the bank's affairs, to make such orders and enter such judgments as may be proper and appropriate, but no …

17:9A-274. Proceeds of liquidation; deposits; preference The proceeds of the liquidation by the commissioner of the assets of a bank shall be held by him, less the costs and expenses of administration and liquidation, until such proceeds shall be disposed of under the direction o…

17:9A-275. Employees and assistants of commissioner; counsel The commissioner may, from time to time, appoint one or more special assistant deputy commissioners of banking and insurance, who may or may not be employees in the department, as agent or agents, to assist him in admin…

17:9A-276. Compensation of employees, assistants, and counsel The compensation of the special assistant deputy commissioners, counsel, and of all other persons engaged in the administration of the business and affairs of a bank of which the commissioner has taken possession, and …

17:9A-277. Accounting by commissioner; notice to creditors On making the first application to the Superior Court for approval of expenses of administration, pursuant to this article, the commissioner shall file in the court an accounting of the administration of the bank's affair…

17:9A-279. Judgment on accounting In any proceeding the court shall have jurisdiction to hear and determine in a summary manner or otherwise all matters arising therein, and shall enter such judgment or order as may be proper and appropriate. L.1948,c.67,s.279; amended 1953,c.17,…

17:9A-28. Agency and fiduciary powers Agency and fiduciary powers. A bank which is a qualified bank shall have the following agency and fiduciary powers in addition to the powers specified in sections 24 and 25, whether or not such agency and fiduciary powers are specifically set…

17:9A-28.1. Broker-dealer as custodian a. Notwithstanding any other provision of law to the contrary, a qualified bank may: (1) employ any broker-dealer which is registered with the federal Securities and Exchange Commission and with the Bureau of Securities in the Division of Co…

17:9A-28.2. Purchase for trust accounts of bonds, notes, or other obligations a. Subject to the provisions of this act, a qualified bank, as defined in section 1 of P.L. 1948, c. 67 (C. 17:9A-1) shall have power to retain and purchase or otherwise acquire for any trust account wh…

17:9A-280. Notice to creditors to present claims; publication; claims barred The commissioner shall, after taking possession of the business and property of a bank, cause notice to be given to all persons, other than depositors, who may have claims against the bank, to present th…