Rutgers Law

New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 9a:

      Section: 17:9a-397: Incorporation of subsidiary bank

           The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company. They shall issue a certificate of incorporation stating:

a. The name by which the subsidiary capital stock savings bank shall be known;

b. The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located;

c. The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank;

d. The number of directors on the board of directors;

e. The names of the persons who will serve as directors until their successors are elected and qualified;

f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and

g. The amount of surplus with which the subsidiary capital stock savings bank will commence business.

L. 1987, c. 201, s. 16.



This section added to the Rutgers Database: 2013-06-10 16:36:30.

Older versions of 17:9a-397 (if available):

Court decisions that cite this statute: CLICK HERE.