17:16J-3. Directing of acquisition or merger; authority of commissioner
119 words·~1 min read·
/nj/title-17/chapter-16j/17-16j-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner shall have the authority to direct a depository to merge into or be acquired by another depository or a company only if the depository to be merged or acquired meets one of the following tests:
a. The depository has, in the opinion of the commissioner, a ratio of capital stock, surplus, undivided profits, and reserves to total assets which is declining to the extent that the ratio would reach a level of 1% or less within the ensuing 12 months; or
b. The depository does not have sufficient funds, as determined by the commissioner, to meet the liabilities and obligations of the depository during the ensuing 6 months.
L.1982, c. 8, s. 3, eff. March 4, 1982.