17:9A-24.12. Additional investment authority of banks
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/nj/title-17/chapter-9a/17-9a-24-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to investments otherwise authorized by law, a bank or savings bank may invest in any kind or kinds of assets, wherever located, of any person, partnership, corporation, other business entity, association or body politic, in amounts not exceeding in the aggregate more than 3% of the bank's or savings bank's total assets, or 50% of its capital, surplus, reserves, undivided profits and capital notes, whichever is the lesser. The aggregate amount invested pursuant to this act in an asset or assets of any one person, partnership, corporation, other business entity, association or body politic shall not exceed 1% of the bank's or savings bank's total assets.
L. 1985, c. 168, s. 1, eff. May 17, 1985.