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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 9a:
Section: 17:9a-407: Conversion to capital stock savings bank
As an alternative to the formation of a subsidiary capital stock savings bank pursuant to the provisions of sections 16 through 24 of this act, an organizing mutual savings bank which has established a mutual savings bank holding company pursuant to sections 7 through 15 of this act may, in accordance with a plan approved by the commissioner, convert to a capital stock savings bank pursuant to the provisions of P.L. 1982, c. 9 (C. 17:9A-8.1 et seq.), except that:
a. Not less than a majority of the shares of the converted savings bank shall be held in the name of the mutual savings bank holding company; and
b. The requirement of subsection g. of section 14 of P.L. 1982, c. 9 (C. 17:9A-8.14g.) that a liquidation account be established shall not apply.
L. 1987, c. 201, s. 26.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:9a-407 (if available):
Court decisions that cite this statute:
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