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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 16j:
Section: 17:16j-3: Directing of acquisition or merger; authority of commissioner
The commissioner shall have the authority to direct a depository to merge into or be acquired by another depository or a company only if the depository to be merged or acquired meets one of the following tests:
a. The depository has, in the opinion of the commissioner, a ratio of capital stock, surplus, undivided profits, and reserves to total assets which is declining to the extent that the ratio would reach a level of 1\% or less within the ensuing 12 months; or
b. The depository does not have sufficient funds, as determined by the commissioner, to meet the liabilities and obligations of the depository during the ensuing 6 months.
L.1982, c. 8, s. 3, eff. March 4, 1982.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:16j-3 (if available):
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