17:16J-15. Federally chartered depository; supervisory merger
93 words·~1 min read·
/nj/title-17/chapter-16j/17-16j-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of a supervisory merger, the commissioner may authorize a state chartered depository to merge into, consolidate with, or sell its assets and transfer its liabilities to a federally chartered depository which has its principal office in this State, pursuant to the provisions of federal law, and notwithstanding any restriction or prohibition under the laws of this State. The provisions of sections 5 through 14 of this act shall not apply to a supervisory merger pursuant to the provisions of this section.
L.1982, c. 8, s. 15, eff. March 4, 1982.