17:14A-18. Certificate of authority to transact business
187 words·~1 min read·
/nj/title-17/chapter-14a/17-14a-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner shall issue a certificate of authority to a safe deposit company in which it shall be stated that the safe deposit company therein named has complied with the provisions of this chapter and is authorized to begin the transaction of business specified in the certificate of incorporation when he shall have verified by examination that:
a. The certificate of incorporation has been filed as provided in R.S. 17:14A-15;
b. The entire capital stock as stated in the certificate of incorporation has been fully paid in cash, unconditionally and without reservation;
c. The cash paid in or the capital stock is on deposit in a banking institution in this State, without offset, claim or demand whatsoever, and subject to withdrawal upon demand; and
d. Proof to the satisfaction of the commissioner that the proposed officers of the safe deposit company who will have control or supervision of the company's operations possess the qualifications, experience and character required for the duties and responsibilities with which they will be charged.
A copy of the certificate of authority shall be filed in the department.
L.1983, c. 566, s. 17:14A-18.