17:52-18. Banks and trust companies; powers
154 words·~1 min read·
/nj/title-17/chapter-52/17-52-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every bank and trust company organized under the laws of this State shall have power to become a member and a stockholder of a business development corporation, but a bank or trust company which is not a member of such a corporation shall not hold any stock of the corporation. No such bank or trust company shall become a member of more than 1 business development corporation, or hold stock in more than 1 such corporation, and no such bank or trust company shall invest more than 10% of its capital stock and surplus in the stock of any such corporation.
Banks and trust companies which are not members of a business development corporation may invest in the obligations of any such corporation or corporations, but the aggregate amount so invested shall not exceed 10% of the capital and surplus of any such bank or trust company.
L.1957, c. 218, p. 761, s. 18.