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

17:12B-170. Report of financial condition available to members 170. Every State association shall make available to its members annually, upon request, a report of its financial condition as of the end of its fiscal year. L.1963,c.144,s.170; amended 1996, c.17, s.94.

17:12B-171 Reports to commissioner; violations, penalties. 171. Every State association shall, within 60 days after the close of each fiscal year, file in the department, on blanks to be provided by the commissioner, a report of its transactions, affairs and financial condition a…

17:12B-172 Examination, inspection, supervision of associations. 172. Every State association and every out-of-State association with a branch office in this State shall be subject to the examination, inspection and supervision of the department. When deemed advisable, the examin…

17:12B-173. Exhibition of books, papers, securities, oaths; subpoena 173. The officers, directors and employees of the State association or an out-of-State association shall exhibit its books, papers and securities to the commissioner or the person appointed by him to conduct the…

17:12B-174. False testimony; perjury A person who shall willfully and corruptly testify falsely to a material matter, upon oath or affirmation administered by the commissioner or examiner upon such investigation or inquiry, or in regard to a report made to the commissioner, shall…

17:12B-175. Immunity to violator testifying Any person violating this act shall be a competent witness and compellable to testify in any proceeding under sections 172 and 173 of this act against any other person charged with so offending, but the testimony of the former person gi…

17:12B-176. Audits (1) The board of every such State association, other than an insured State association, shall cause a thorough audit of the condition of the State association to be made at least once in each calendar year in a manner and form approved by the commissioner. The …

17:12B-177. Commissioner's additional powers The commissioner's powers and duties conferred and imposed by this article shall be in addition to those conferred and imposed by the other provisions of this act. L.1963, c. 144, s. 177.

17:12B-178. Order to continue illegal, unsafe practices; violations, penalty 178. If it shall appear to the commissioner that a State association or an out-of-State association has violated any law of this State or of its home state, or any of its bylaws, or is conducting its bus…

17:12B-179. Grounds for action by commissioner Revocation of authority to transact business. If it shall appear to the commissioner that the interests of the creditors or members of a State association are being jeopardized because the State association has violated any law of th…

17:12B-18. Guaranty account In the case of an application for the incorporation of a mutual association, and as a condition precedent to the approval of any such application, the incorporators shall execute an agreement to subscribe to, and upon the commencement of business pay i…

17:12B-180. Conservation orders For the purpose of conserving the assets of a State association and of protecting the interests of its members and the public, the commissioner may require any State association, by an order in writing effective for a period of 90 days, to apply mo…

17:12B-181. Action for relief The commissioner may institute an action in the Superior Court to restrain the State association from transacting further business, or from transferring or disposing of any of its property in any manner, or from paying excessive expenses of managemen…

17:12B-182. Commissioner's authority The commissioner may forthwith take charge of the State association and possession of all its real and personal property, books and records, and continue the operation of its business until such possession and management shall be returned to i…

17:12B-183. Purpose of possession and operation by commissioner The purpose of the commissioner's management of a State association and operation of its business and possession of its assets shall be to enable him to determine, within 1 year from the date when he undertakes such …

17:12B-184. Return of management and possession The commissioner may return the management of a State association to its board and the possession of its property to the State association at any time after he has taken charge and possession thereof, upon such terms and conditions,…

17:12B-185. Powers of commissioner in possession The commissioner shall have full and complete powers necessary to enable him to determine promptly and efficiently whether it is for the best interests of the State association's creditors, members and the public that it be continu…

17:12B-186. Appointment and compensation of counsel and assistants 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 the commissioner shall determine, a…

17:12B-187. Segregation and application of money paid after commissioner takes possession (a) All moneys, which shall be paid on any unpledged account or shares of a State association after the commissioner has taken charge of such State association and possession of its assets, …

17:12B-188. Effect of commissioner's possession on rights of third persons Upon taking charge of a State association and possession of its property, the commissioner shall give notice thereof forthwith to all persons holding or having possession of any assets of the State associa…

17:12B-189. Financial statements by commissioner At least annually, and upon the termination of his possession of the assets of a State association, the commissioner shall submit a financial statement and report of the affairs of each State association in his possession, or in li…

17:12B-19. Hearing At such hearing or at any adjournment thereof which may be granted by the commissioner, there shall be afforded an opportunity to be heard to anyone desiring it. The commissioner shall also make such independent examination or investigation of such application …

17:12B-190. Dissolution; Liquidation; Action by members If the commissioner determines that it is for the best interest of the members and the public that the State association be dissolved and liquidated, he shall, (a) If the State association is an insured association proceed p…

17:12B-191. Relief in court from commissioner's action If a State association, of whose property and business the commissioner has taken possession as aforesaid, or any member thereof, deems itself or himself aggrieved by any act of the commissioner, or any failure of the commiss…

17:12B-192. Disposition of unclaimed funds due to members and creditors If any liquidating dividend due to any member or any amount due to any creditor, remains in the hands of the commissioner for a period of 6 months after the date of the order for final distribution, such mone…

17:12B-193. Liquidation and accounting by commissioner On making application to the court for approval of expenses of administration as provided by section 186 of this act, the commissioner shall file in the said court an accounting of the administration of the State association'…

17:12B-194. Action upon commissioner's refusal to act If the capital of a State association becomes impaired, or if it suspends its ordinary business for want of funds to carry it on, and the commissioner refuses for a period of 30 days after demand is made upon him by a creditor…

17:12B-195. Proceedings before commissioner (1) Review of commissioner's determination. Except as herein otherwise provided, any State association or member aggrieved by any determination, decision or order of the commissioner or by any failure of the commissioner to make any suc…

17:12B-196. Applications for commissioner's approval In all cases where the commissioner's approval is required and no procedure for obtaining the same is specified, application therefor shall be made in writing and the commissioner shall, within 30 days after receipt of such app…

17:12B-197. Bookkeeping methods and accounting practices; destruction of books, records, et cetera The commissioner may adopt rules and regulations with respect to bookkeeping methods and accounting practices designed to produce safety of operation and each State association and …

17:12B-198. Authority Any two or more State associations may merge into a single State association, under the terms and procedure hereinafter set forth. Any State association may merge into a Federal Association upon the approval of the commissioner and subject to such terms and …

17:12B-198.1. Merger between State, out-of-State associations 98. a. One or more State associations may, with the approval of the commissioner, merge with an out-of-State association or associations, or with a federal association or associations, each with their principal office …

17:12B-199. Procedure; notice; approval on expedited basis The boards of the State associations desiring to merge, shall each pass a resolution indicating such desire by at least a 2/3 vote of each of the respective boards. The directors of the merging associations shall then hav…

17:12B-2. Citation This act shall be known and may be cited as the "Savings and Loan Act (1963)." L.1963, c. 144, s. 2.

17:12B-20. Commissioner's findings as to mutual association application If the commissioner shall find that: (a) the establishment of such State association is in the public interest; and (b) will be of benefit to the area proposed to be served; and (c) may be established without…

17:12B-200. Terms The terms of merger shall be those which have been agreed upon by at least 2/3 's of the board of each association. Such terms may include provisions for the exchange of accounts in the State association or State associations so merged for accounts of the same o…

17:12B-201. Recording of agreement Before a merger shall become effective the State associations shall jointly certify to the commissioner that they have complied with all of the requirements of this act. The certificate shall be under the hands of the respective presidents and s…

17:12B-202. Application for establishment of section 27 branch office or offices Simultaneously with the submission of the resolution required by section 199 of this act, any State association, into which another State association or State associations are merging, may submit its…

17:12B-203. Effect of merger Upon the merger of any State association into another: (a) Its corporate existence shall be merged into that of the other State association, and all its rights, privileges and franchises, and its right, title and interest in and to all property of wha…

17:12B-204. Bulk transfers (1) Bulk transfers authorized Any State association may with the written approval of the commissioner, transfer, sell, or exchange in bulk and not in the regular and usual course of its business, all or any part of its assets, including its name and goo…

17:12B-205. Certificate of transfer of assets; resultant liquidating corporation Whenever any assets of a State association are to be liquidated by the board of an association, as provided in section 204 of this act, the State association shall, within 10 days after the transfer …

17:12B-206. Purchase of assets; inapplicability of Article X Any association may purchase assets from another association which sells all or a part of its assets in accordance with section 204 of this act and the provisions of Article X of this act shall not apply to such transac…

17:12B-207. Liquidating corporations Each liquidating corporation created pursuant to the provisions of section 205 of this act shall be a corporation for the sole purpose of liquidating, promptly and in an orderly manner, all assets which it owns and distributing the proceeds th…

17:12B-208. Creditors; claims barred The liquidating corporation shall give public notice that all persons having claims against any association whose assets have been transferred shall present such claims under oath at the corporation's office within 3 months of the date of such…

17:12B-209. Notice of dispute; limitation of action If the corporation disputes all or any part of any claim which is duly presented to it, and gives written notice of such dispute to the claimant, his attorney, or agent, such claimant shall institute an action thereon within 30 …

17:12B-21. Commissioner's decision Within 30 days after the close of the hearing, the commissioner shall announce his decision upon such application and file in his office, a written memorandum stating the reasons therefor which shall be open to public inspection; and he shall fo…