17:9A-184. Deposits; maximum and minimum amounts
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/nj/title-17/chapter-9a/17-9a-184A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Subject to paragraph C. of this section, a savings bank may receive on deposit any sum of money which may be offered for that purpose.
B. A savings bank may
(1)subject to paragraph C. of this section, limit to any sum it deems expedient, the aggregate amount which any one depositor may deposit, and
(2)fix the minimum amount of any deposit which it will receive at not over $10.00, and
(3)refuse to receive a deposit, and
(4)return all or any part of any deposit at any time.
C. A savings bank may receive any deposit to the credit of a depositor, if the aggregate of the balances of all accounts of such depositor does not exceed, or as a result of receiving such deposit would not exceed $150,000.00, and a savings bank may receive additional deposits from such depositor if made:
(a)Pursuant to the order or direction of any court of record or officer of any such court,
(b)To the credit of any governmental, State, county, municipal or other public authority, body, board, officer or agent,
(c)To the credit of any religious, charitable, cemetery, educational, benevolent or other corporation, association, organization or society established or existing for any lawful purpose other than for pecuniary profit, or
(d)To the credit of any unincorporated or incorporated labor union, welfare, strike, benefit or insurance fund, any foundation created by will or otherwise, or any profit sharing, welfare or pension fund or employee thrift fund created jointly or individually by any person, firm or corporation,
(e)Pursuant to regulations from time to time promulgated by the commissioner.
L.1948, c. 67, p. 327, s. 184. Amended by L.1950, c. 214, p. 537, s. 1; L.1963, c. 146, s. 1; L.1966, c. 278, s. 1, eff. Sept. 6, 1966; L.1968, c. 86, s. 1, eff. June 21, 1968; L.1973, c. 73, s. 1, eff. April 11, 1973.