17:9A-27.22. Approval of commissioner of adoption or alteration of plan
176 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-27-22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Every plan hereafter adopted by a savings bank or hereafter substantially altered by a savings bank within the meaning of subsection D of section 7 of this act, shall, before it or such alteration is placed in operation, be submitted to the commissioner for his approval.
B. The commissioner may disapprove such plan or alteration thereof if he shall find
(1)that it does not conform to law, or
(2)that its adoption or alteration would be hazardous to the savings bank, or
(3)that its provisions are unfair or inequitable, or
(4)that the cost thereof to the savings bank is excessive or unreasonable, considering the current earnings of the savings bank, and the savings bank's current deposits, surplus, undivided profits and reserves.
C. The commissioner may, from time to time, make such orders in respect to the maintenance and administration of a plan as, in his judgment, the condition of the savings bank may require.
L.1953, c. 124, p. 1319, s. 22. Amended by L.1962, c. 234, s. 6, eff. Feb. 9, 1963.