17:9A-23.2. Auxiliary office, establishment, location
140 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-23-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. No auxiliary office shall be established or maintained at a location which is outside this State or more than one mile from the office of the bank or savings bank to which such auxiliary office is an adjunct; nor shall any such auxiliary office be established within 1,000 feet of the principal office or a branch office of another banking institution without the written consent of such other banking institution. Such consent, once given, shall thereafter be irrevocable, regardless whether it was given gratuitously or for a valuable consideration.
No bank or savings bank shall be required to discontinue an auxiliary office for the reason that, after its establishment pursuant to this act, another banking institution has established its main office or a branch office within 1,000 feet of such auxiliary office.
L.1952,c.179,s.2; amended 1962, c.101; 1996, c.17, s.9.