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

17:9A-331. Exempt transactions Nothing in this article shall prohibit a foreign bank from (1) contracting in this State with a banking institution for the acquisition by such foreign bank from such banking institution of a part interest in or the entire interest in a loan which s…

17:9A-332. Sale of real property by foreign banks in the possession of an administrative or court officer When the property and business of a foreign bank not authorized to transact business in this State is in the possession of a banking commissioner, receiver, conservator, or o…

17:9A-333. Department of Banking fees 333. A bank or savings bank shall pay to the commissioner for the use of the State a fee, to be prescribed by the commissioner by regulation, in an amount not less than or not more than, the following minimum and maximum amounts: Minimum Maxi…

17:9A-334 Fees payable by foreign banks. 334. A foreign bank shall pay to the commissioner for the use of the State a fee, to be prescribed by the commissioner by regulation, in an amount not less than or not more than, the following minimum and maximum amounts: Minimum Maximum (…

17:9A-335. Costs of examination of a bank, savings bank or foreign bank Every bank, savings bank and foreign bank shall pay to the commissioner for the use of the State the reasonable costs of each examination of its affairs made pursuant to this act. The Attorney General may pro…

17:9A-336. Repeal of prior law A. The following sections of the Revised Statutes are hereby repealed: (1) section 7:4-7; (2) sections 7:5-7 to 7:5-10, inclusive; (3) sections 7:6-1 to 7:6-17, inclusive; (4) sections 17:1A-1 to 17:1A-12, inclusive; (5) sections 17:2-1 to 17:2-8, i…

17:9A-337. Reference to Revised Statutes and New Jersey Statutes When any section, chapter or title of the Revised Statutes or the New Jersey Statutes is cited or referred to in this act, such citation or reference shall be deemed to refer to the section, chapter or title of the …

17:9A-338. Applicability of Title 14A of the New Jersey Statutes Except to the extent specifically made applicable by this act, the provisions of Title 14A of the New Jersey Statutes as enacted and as amended or supplemented shall not apply to banks and savings banks. L.1948, c. …

17:9A-339. Prior lawful acts not affected This act shall not invalidate, terminate, or otherwise affect any act or contract of a bank or savings bank or of the stockholders of a bank lawfully done or entered into prior to the effective date of this act. L.1948, c. 67, p. 415, s. …

17:9A-34. Proof of qualification and security A. As a prerequisite to its appointment as a fiduciary by any court or officer of this State, a qualified bank shall present to the court or officer an affidavit made by its president or a vice-president and its trust officer or an as…

17:9A-340. Separability of provisions If any section or portion of a section of this act shall be invalid for any reason, such invalidity shall not affect the validity of the remaining sections or portions of sections. L.1948, c. 67, p. 415, s. 340.

17:9A-341. Headnotes not part of act In the construction of this act or any part thereof, no headnote to any article or section shall be deemed to be a part of this act. L.1948, c. 67, p. 415, s. 341.

17:9A-342. Short title This act may be cited as "The Banking Act of 1948" . L.1948, c. 67, p. 415, s. 342.

17:9A-343. Effective date of act This act shall take effect on September 16, 1948. L.1948, c. 67, p. 415, s. 343.

17:9A-35. Trust funds Trust funds. A. All moneys, securities and other property held by a qualified bank in fiduciary capacities, pursuant to paragraphs (5), (6), (7), (8), (9) and (10) of section 28, shall be kept separate and apart from the moneys, securities and other property…

17:9A-355. Definitions As used in this act, (1) "Corporation" means a corporation organized under any law of this State heretofore, presently or hereafter in force, for a purpose or purposes for which a corporation may be organized under "An act revising the General Corporation L…

17:9A-356. Bank shares; acquisition by corporations 2. (1) An acquiring corporation may acquire ownership of all the outstanding shares of the capital stock of one or more banks in the manner provided by this act. (2) Shares of capital stock of an acquiring corporation, or other …

17:9A-357. Plan of acquisition Plan of acquisition. (1) The boards of directors of the corporation which seeks to become an acquiring corporation and of each bank which seeks to become a participating bank shall authorize the execution of a plan for the acquisition by such corpor…

17:9A-358. Approval of plan of acquisition by commissioner; review (1) The plan of acquisition, executed by all the parties thereto, shall be submitted to the commissioner who shall, within 60 days from the date of such submission, endorse thereon his approval or disapproval. If …

17:9A-359. Submission of plan to stockholders; filing (1) If the commissioner approves the plan of acquisition, it shall, within 120 days after the date of such approval, be submitted to the stockholders of each of the participating banks at separate meetings called for that purp…

17:9A-36. Definitions Definitions. As used in this article, and except as the context otherwise requires, (1) "Common trust fund" means a fund established and maintained by a bank or any of its affiliate banks exclusively for the collective investment and reinvestment of moneys c…

17:9A-360. Notice of dissent; "dissenting stockholder" defined (1) Any stockholder of a participating bank electing to dissent from the plan of acquisition may do so by filing with the participating bank of which he is a stockholder, a written notice of such dissent, stating that…

17:9A-361. Valuation date of fair value For the purposes of this act, the fair value of the shares of a participating bank shall be determined as of the day before the day on which the vote of stockholders of such bank was taken as provided in section 5. In determining fair value…

17:9A-362. Termination of right of stockholder to be paid the fair value of his shares (1) The right of a dissenting stockholder to be paid the fair value of his shares shall cease if (a) He has failed to present his certificates for notation as provided by subsection (4) of sect…

17:9A-363. Rights of dissenting stockholder (1) A dissenting stockholder may not withdraw his demand for payment of the fair value of his shares without the written consent of the participating bank. (2) The enforcement by a dissenting stockholder of his right to receive payment …

17:9A-364. Determination of fair value by agreement (1) Within 10 days after the expiration of the period within which stockholders may make written demand to be paid the fair value of their shares, or within 10 days after the plan of acquisition becomes effective, whichever is l…

17:9A-365. Procedure on failure to agree upon fair value; commencement of action to determine fair value (1) If the fair value of the shares is not agreed upon within the 30-day period limited by subsection (2) of section 10, the dissenting stockholder may serve upon the particip…

17:9A-366. Action to determine fair value; jurisdiction of court; appointment of appraiser In any action to determine the fair value of shares pursuant to this act: (a) The Superior Court shall have jurisdiction and may proceed in the action in a summary manner or otherwise; (b) …

17:9A-367. Judgment in action to determine fair value (1) A judgment for the payment of the fair value of shares shall be payable upon surrender to the participating bank of the certificate or certificates representing such shares. (2) The judgment shall include an allowance for …

17:9A-368. Costs and expenses of action The costs and expenses of bringing an action pursuant to section 11 shall be determined by the court and shall be apportioned and assessed as the court may find equitable upon the parties or any of them. Such expenses shall include reasonab…

17:9A-369. Disposition of shares Upon payment for shares pursuant to subsection (2) of section 10, or upon payment of a judgment pursuant to subsection (1) of section 13, the participating bank making such payment shall acquire all the right, title and interest in and to such sha…

17:9A-37. Participation in common trust fund Participation in common trust fund. A. Subject to the limitations of this article, a bank may create and maintain one or more common trust funds, and may, without order or judgment of any court or officer, invest in cash all or any par…

17:9A-37.1. Single common trust fund a. A bank may, without order or judgment of a court or officer, merge or combine two or more of its own or its affiliate banks' common trust funds into a single common trust fund, which single common trust fund may be administered by the bank …

17:9A-38 Effect of trust instruments 38. Effect of trust instruments. A. Except as otherwise provided by subsection B of this section, where the trust instrument defines, limits, or specifies the investments which may be made of a trust estate, any common trust fund in which all …

17:9A-382. Definitions 1. As used in sections 1 through 27 of P.L.1987, c.201 (C.17:9A-382 et seq.): a. "Beneficial owner": (1) Includes any person who, directly or indirectly through any contract, arrangement, understanding, relationship or otherwise, has or shares: (a) Voting p…

17:9A-383. Prior approval 2. 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 savings bank; b. Offer to acquire beneficial ownership o…

17:9A-384. Application; hearing 3. a. An application by a person for the approval of the commissioner to obtain control of a capital stock savings bank, to offer to acquire beneficial ownership or control of more than 25% of the voting shares of a capital stock savings bank, or t…

17:9A-385. Factors for consideration In determining whether to approve an acquisition of shares or offer to acquire 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 t…

17:9A-386. Voter ineligibility; registration 5. a. Any shares in excess of 25% of the outstanding voting shares of a capital stock savings bank which are acquired in violation of sections 2 through 4 of P.L.1987, c.201 (C.17:9A-383 through 17:9A-385) shall not be eligible to be v…

17:9A-387. Violations, penalties 6. 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 P.L.1987, c.201 (C.17:9A-383 through 17:9A-386) or any regulations p…

17:9A-388. Formation of mutual savings bank holding company The board of managers of an organizing mutual savings bank, by 2/3 vote of the board, may apply to the commissioner to form a mutual savings bank holding company which may be formed in accordance with either subsection a…

17:9A-389. Certificate of incorporation a. The board of managers of the organizing mutual savings bank shall execute a certificate of incorporation for the mutual savings bank holding company stating: (1) The name by which the mutual savings bank holding company shall be known; (…

17:9A-39. Cash balances A. (Deleted by amendment.) B. (Deleted by amendment.) C. Any common trust fund may consist in part of uninvested cash balances awaiting investment or held for the purpose of meeting cash requirements. L.1948, c. 67, p. 226, s. 39. Amended by L.1950, c. 123…

17:9A-390. Approval of charter If the commissioner determines that the establishment of a mutual savings bank holding company is in the best interests of the depositors of the organizing mutual savings bank, that the qualifications, experience and character of the proposed office…

17:9A-391. General powers a. The general powers of the mutual savings bank 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. Mutual savings bank holding companies shall…

17:9A-392. Board of directors Every mutual savings bank holding company shall be managed by a board of not less than six nor more than 21 directors. Directors shall be elected by a plurality of the members of the board of directors of the mutual savings bank holding company at th…