PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 12b: Construction as revision of prior laws
Section: 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 assets, except with the approval of the commissioner. If at any time the amount of the general reserve account of an association exceeds 25\% of its assets, the excess may, with the approval of the commissioner, be transferred to the undivided profits account.
L.1963, c.144, s. 132.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:12b-132 (if available):
Court decisions that cite this statute:
CLICK HERE.