17:16J-4. Priority; supervisory acquisition or merger
134 words·~1 min read·
/nj/title-17/chapter-16j/17-16j-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. The commissioner shall give priority to a proposal for supervisory acquisition of a depository over a proposal for supervisory merger, if the acquisition would be deemed by him to be feasible and to result in the successful operation of the acquired depository.
b. The commissioner shall give priority to supervisory acquisitions by or supervisory mergers with like institutions, without regard as to whether the like institutions are stock or mutual, if the acquisition or merger is deemed by him to be feasible and to result in the successful operation of the acquired or resulting depository.
c. In the case of a supervisory merger or supervisory acquisition involving two or more depositories, the commissioner shall take into account the relative sizes of the depositories involved.
L.1982, c. 8, s. 4, eff. March 4, 1982.