17:9A-27. Effect of exercise of certain powers; disclosure of information by commissioner
272 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-27A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The authority by this act granted to exercise the powers specified in paragraphs (6),
(7)and
(8)of section 24, paragraph
(12)of section 25, and paragraphs
(4)and
(5)of section 26, shall not exempt a bank or savings bank from any of the provisions of this act, except when the application of any provision of this act would prevent the exercise of such powers, and then only to the extent necessary to enable such bank or savings bank to comply with the conditions imposed by federal legislation or rules and regulations lawfully promulgated thereunder for the exercise of such powers. If any benefit or privilege made available to a bank or savings bank by paragraphs (6),
(7)and
(8)of section 24, paragraph
(12)of section 25, and paragraphs
(4)and
(5)of section 26 is restricted or prohibited because of one or more limitations contained in this act or in any law prescribing or limiting interest rates, or in any other law of this State, such limitations shall be inapplicable to the extent necessary to permit the full exercise of such benefit or privilege.
B. In order to facilitate the qualification of a bank or savings bank to exercise the powers specified in paragraphs (6),
(7)and
(8)of section 24, paragraph
(12)of section 25, and paragraphs
(4)and
(5)of section 26, the commissioner may disclose to any federal corporation or authority charged with the duty of determining such qualifications, such information as he may have in reference to the business and affairs of such bank or savings bank.
L.1948, c. 67, p. 215, s. 27.