17:9A-27.17. Disposition of plans of predecessor bank
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/nj/title-17/chapter-9a/17-9a-27-17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A successor bank may, with the approval of the commissioner,
(a)continue any existing plan or plans, or fund or funds maintained or participated in by a predecessor bank or banks, in the same manner that such plan or plans, or fund or funds were maintained or participated in by such predecessor bank or banks, or as altered by the successor bank;
(b)modify, alter or rescind any existing plan or plans or fund or funds maintained or participated in by any predecessor bank;
(c)adopt and maintain a new plan or plans, or fund or funds for those employees or any predecessor bank or banks, who continue as employees of the successor bank, or establish a separate plan or fund, or separate plans or funds for such employees within a plan or fund, if any, maintained by the successor bank;
(d)combine two or more plans or funds maintained or participated in by each of two or more predecessor banks, or combine one or more of such plans or funds, with a plan or fund, if any, maintained by it;
(e)do such other acts in respect to a plan or plans or fund or funds maintained or participated in by a predecessor bank or banks, as may be necessary or desirable.
B. For the purposes of this act, the employees of each predecessor bank, or of one or more predecessor banks, who become employees of the successor bank, may constitute an independent employee unit or units within the successor bank.
C. When, pursuant to this act, a bank maintains more than one plan or fund, it shall be optional with the bank to determine which of such plans or funds shall include particular groups or units of employees.
L.1953, c. 124, p. 1317, s. 17.