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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 9a:
Section: 17:9a-24.7: Investments in stock of clearing corporations by qualified banks
A qualified bank, as defined in section 1 of the act to which this act is a supplement (C. 17:9A-1), shall have power to subscribe for, purchase, and hold stock of one or more clearing corporations as defined in N.J.S. 12A:8-102 provided that
a. in the case of a qualified bank which is a savings bank, the amount invested in such stock shall not exceed 5\% of its surplus;
b. in the case of a qualified bank which is not a savings bank, the amount invested in such stock shall not exceed 10\% of its capital stock and surplus;
c. each investment in such stock shall first have been authorized by a resolution stating the number of shares to be acquired and the amount to be paid therefor, adopted by its board of directors or board of managers in the case of a qualified bank which is a savings bank, and, in the case of a qualified bank which is not a savings bank, approved by a majority in interest of its stockholders at an annual or special meeting; and
d. each investment in such stock shall have been approved in writing by the Commissioner of Banking.
L.1973, c. 360, s. 1, eff. Jan. 2, 1974.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:9a-24.7 (if available):
Court decisions that cite this statute:
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