17:14A-31. Branch offices; failure to open and operate
138 words·~1 min read·
/nj/title-17/chapter-14a/17-14a-31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The failure of a safe deposit company to open and operate a branch office within six months after the commissioner approves the application therefor shall automatically terminate the right of safe deposit company to open the branch office, and it shall make no further application to establish a branch office at the location, or in the area which would be served by a safe deposit company doing business at the location, until after the expiration of one year from the date of such approval; except that, for good cause shown, the commissioner may, in his discretion, on application of the safe deposit company made before the expiration of the six months period, extend for additional periods, not in excess of six months each, the time within which the branch office may be opened.
L.1983, c. 566, s. 17:14A-31.