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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 16e: Purpose
Section: 17:16e-6: Bank holding companies and financial institutions with common ownership; inapplicability of act
Nothing in this act shall prevent a person who is a director or officer of a bank holding company from being a director or officer of any one or more banks which are subsidiaries of such company, nor shall anything in this act prevent a person who is a director or officer of a bank which is a subsidiary of a bank holding company from being a director or officer of any one or more other banks which are subsidiaries of such holding company. When there are two or more financial institutions in which more than 50\% of the stock is owned directly by the same persons, a person who is a director or officer of any one of such financial institutions may be a director or officer of any one or more of such other institutions.
L.1975, c. 265, s. 6, eff. Jan. 1, 1976.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:16e-6 (if available):
Court decisions that cite this statute:
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