17:9A-23.50. Definitions relative to emergency banking
251 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-23-50·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. As used in this act unless the context requires otherwise,
(a)"Commissioner" means the Commissioner of Banking and any other person lawfully exercising the powers of such commissioner;
(b)"Bank" includes banks, out-of-State banks and savings banks, and, to the extent the provisions hereof are not inconsistent with and do not infringe upon paramount federal law governing national banks, "bank" also includes national banks;
(c)"Officers" means the person or persons designated by the board of directors of a bank or the board of managers or trustees of a savings bank or the board of directors or managers or trustees of an out-of-State bank, as appropriate, to act for the bank, out-of-State bank or savings bank in carrying out the provisions of this act;
(d)"Emergency" means any condition which interferes with the conduct of normal business operations at one or more or all offices of a bank or banks, or which poses an imminent or existing threat to the safety and security of persons or property, or both. Without limiting the generality of the foregoing, an emergency may arise as a result of any one or more of the following: fire; flood; wind, rain or snow storms; labor disputes; power failures; transportation failures; war; and riots, civil commotions, and other acts of lawlessness or violence;
(e)"Office" means any place at which a bank transacts business or conducts operations related to the transaction of business;
(f)"Person" includes natural persons, corporations, partnerships and associations.
L.1968,c.149,s.1; amended 1996, c.17, s.14.