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

17:12B-117. Confidential relationship of an association to its members The relationship of an association to each of its members constitutes a confidential relationship and no association or any of its directors, officers or employees shall disclose or be required to disclose a l…

17:12B-118. Procedure to obtain information or communicate with members (1) Any member desiring information from his State association or desiring to communicate with other members of his State association may file with such State association an application therefor, in writing, …

17:12B-119. Costs and expenses incidental to application for information; payment by applicant If the application is for information, and if the State association grants the application, the State association may require the applicant to pay the costs and expenses, if any, involv…

17:12B-12. Purposes The purposes of associations operating under the provisions of this act shall be promoting thrift, home ownership and housing or otherwise investing funds in accordance with the provisions of this act. L.1963, c. 144, s. 12. Amended by L.1974, c. 137, s. 2, ef…

17:12B-120. Application for communication with other members; preparation and mailing of copies of communication; payment of costs and expenses by applicant If the application is to enable the member to communicate with other members of the State association, and if the State ass…

17:12B-121. Application for order requiring state association to grant application for information or to communicate with members (1) If the State association fails to grant any application submitted pursuant to the provisions of section 118 of this act within 10 days after recei…

17:12B-122. Hearing before commissioner; designation of time and place; notice; adjournments The commissioner shall, within 30 days from the date such application is presented to him, designate a time and place for a hearing upon such application, and give at least 10 days' writt…

17:12B-123. Merits of application; determinations by commissioner At such hearing, or such independent examination or investigation as the commissioner may make, the commissioner shall examine into the merits of the application and if he determines that the application is made in…

17:12B-124. Decision of commissioner; filing memorandum; notice Within 30 days after the close of the hearing, the commissioner shall announce his approval (in whole or in part) or denial of such application and file in his office a written memorandum stating the reasons therefor…

17:12B-125. Exclusive procedure; review of commissioner's action; effect of failure to act The procedure, set forth in sections 118 through 124 of this act, for obtaining information by a member or enabling a member to communicate with other members of a State association shall b…

17:12B-125.1. Application of sections 118 through 124 to federal associations Insofar as the provisions of sections 118 through 124 of this act regarding obtaining information by a member or enabling a member to communicate with other members are not inconsistent with Federal law…

17:12B-126. Voting rights of members 126. Voting of rights members. Each member 16 years of age, or over, shall be entitled to vote at any meeting of a mutual association. Each mutual association shall set forth in its bylaws the voting rights of its members, which shall be in ac…

17:12B-127. Determination of net income At the end of each accounting period and at least annually the board of each State association shall determine the amount of net income, if any, earned during the accounting period. To aid the board in making such determination there shall …

17:12B-128. General reserve, bad debt reserves and Federal insurance reserve accounts (a) A general reserve account shall mean a reserve account established and maintained for the purpose of absorbing losses. Each State association shall establish such a general reserve account. …

17:12B-129. Special reserve accounts Each State association shall establish and maintain such special reserve accounts as are required by the provisions of this act and may establish and maintain such other reserve accounts as in the judgment of its board are necessary or desirab…

17:12B-13. Persons who may form corporation Any 9 or more persons, domiciled in this State, and citizens of the United States, hereinafter referred to as incorporators, may associate to form a corporation for the purposes specified in this act, by complying with the terms, condit…

17:12B-130. Dividend participation; exceptions (a) At least annually and after determination of the net income for the accounting period and the establishment of reserves required or permitted by this act, the board of each State association shall determine by resolution, the rat…

17:12B-131. Undivided profits account Any net income or any other available profits which remain after reserve and dividend requirements have been met, may be maintained in an undivided profits account. L.1963, c. 144, s. 131.

17:12B-132. Restrictions upon reserves and undivided profits account The aggregate amount of all reserve and undivided profits accounts of any association shall not be increased so long as the aggregate amount of such accounts exceeds an amount equal to 25% of an association's as…

17:12B-133. Reward profit or bonus plan Any association which may have adopted a reward profit or bonus plan under previous law or regulations of the commissioner may continue such plan, except if it adopts a plan otherwise permitted by law or regulations of the commissioner and …

17:12B-134. Application for withdrawal Any member may, at any time, file with his State association a written application for payment of all or any part of the withdrawal value of any account standing in his name, whether or not such account has matured. L.1963, c. 144, s. 134.

17:12B-135. Cancellation of withdrawal application Any withdrawal application may be canceled, in whole or in part, at the written request of the withdrawing member, with the consent of the State association, upon such reasonable terms as such State association may impose. L.1963…

17:12B-136. Association operating under Plan 1; payment on presentation of withdrawal application or other notice A State association operating pursuant to Plan 1 or Plan 4 as set forth in section 75 of this act, may pay the amount requested in the withdrawal application, when th…

17:12B-137. Association operating under other than Plan I; payment on presentation of withdrawal application; other procedure Any State association operating on any plan other than Plan I, as defined in section 76 of this act, may pay the amount requested in the withdrawal applic…

17:12B-138. Funds required for withdrawals Within the first 10 days of each fiscal month, each State association operating on a plan other than Plan I shall apply to the payment of withdrawal applications which shall have been filed with it on or before the first day of its prece…

17:12B-139. Rotation plan If any State association operating under any plan other than Plan I, as defined in section 76 of this act, shall find that within the first 10 days of any fiscal month, the funds of such State association, available for the payment of withdrawals, in acc…

17:12B-14. Contents of certificate of incorporation of a mutual association Contents of certificate of incorporation of a mutual association. The incorporators shall personally sign a certificate of incorporation, which shall state: (1) The name of the State association, which sh…

17:12B-140. Payment of withdrawals on other plans and purchase of accounts prohibited; authority of commissioner No State association shall obligate itself to pay withdrawals on any other plan than that provided in this act, nor shall any State association purchase an account fro…

17:12B-141. Application of withdrawal value to indebtedness A State association may apply and credit the full withdrawal value of any account pledged with it as security for the payment of any debt, toward the payment of such debt; except that no State association shall apply and…

17:12B-142. Dividend retention Any State association, except one which operates under the nonshare plan described in section 76 of this act, may, upon the withdrawal of an account prior to its maturity, retain such portion of the dividends credited to such account as its by-laws …

17:12B-143. Restrictions on actions No person shall institute or prosecute any action against an association to recover the value of any account or any part thereof, until an application for the withdrawal thereof has been filed, and not then, so long as such association pays wit…

17:12B-144. Retirement If funds are on hand for the purpose, any State association may, by resolution of its board, retire any account by giving at least 30 days' written notice of its intention so to do, which may be sent by certified mail addressed to the member owning such acc…

17:12B-145. Investments authorized The funds of every association shall be invested in accordance with the provisions of this act. L.1963, c. 144, s. 145.

17:12B-145.1. Origination, acquisition of mortgage loans by association 26. An association may originate or acquire mortgage loans secured by a mortgage constituting a lien upon real property or upon a lease of the fee of real property, so long as the association observes prudent…

17:12B-15. Original by-laws The incorporators shall adopt the original by-laws of the association. L.1963, c. 144, s. 15.

17:12B-155. Procedure for making other loans 155. Other loans may be made as follows: A. Account loans. Loans secured by a pledge of a member's savings account. No such loan shall exceed the withdrawal value of the pledged account. Interest on such loans shall not be charged at a…

17:12B-156. Investments in additional loans 156. Investments in additional loans. A. An association may make additional loans or advances for any purpose expressly or impliedly reserved or provided for in any bond, mortgage or other obligation held by or hereafter acquired by any…

17:12B-157. Property improvement loans without mortgage liens Investments in loans for the purpose of repair, alteration, improvement, construction, adding to, modernizing, equipping or rehabilitation of real estate upon which an association shall not be required to hold a mortga…

17:12B-158. Definitions as used in sections 159 through 164 (C. 17:12B-159 through C. 17:12B-164) of this act The following words and phrases as used in sections 159 through 164 (C. 17:12B-159 through C. 17:12B-164) of this act, unless a different meaning is plainly required by t…

17:12B-159. Limitations on such loans (1) (Deleted by amendment.) (2) Each such loan shall be evidenced by one or more notes, bonds or other written evidence of indebtedness, and no security other than an interest in tangible personal property, or a mortgage upon the real propert…

17:12B-16. Application to commissioner for approval The certificate of incorporation and the by-laws shall be submitted to the commissioner for his approval. Within 10 days thereafter, the commissioner shall give written notice to each incorporator, of the time and place designat…

17:12B-160. Charges on such loans Notwithstanding the provisions of R.S. 31:1-1 or any other law to the contrary, the maximum charge which an association may contract for and receive on loans as defined in section 158 of P.L.1963, c. 144 (C. 17:12B-158) shall not exceed an amount…

17:12B-162. Schedules of charges The Commissioner of Banking may prepare and distribute to such associations as shall make a request therefor, a schedule or schedules to be used in ascertaining precomputed interest, or he may approve a subsisting schedule or schedules, and intere…

17:12B-163. Rebates on prepayment When the unpaid balance owing upon a loan as defined in section 158 of P.L.1963, c. 144 (C. 17:12B-158) is repaid in full or the maturity of the unpaid loan is accelerated before the date scheduled for the payment of the final installment, the as…

17:12B-164. Other charges in connection with loans Any Federal association may charge in connection with any loan, as interest, discount, premium, late charge or any other charge, any amount which may be permitted by law to be charged by a State association or may be permitted to…

17:12B-165. Other investments, securities A State association may invest as follows: (1) Obligations of the United States. In obligations of or guaranteed as to principal and interest by the United States of America. (2) Federal Home Loan Bank Stock. In stock of the Federal Home …