17:9A-27.3. Definitions
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/nj/title-17/chapter-9a/17-9a-27-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act, unless the context otherwise requires,
(a)"commissioner" means the Commissioner of Banking and Insurance of New Jersey;
(b)"bank" includes banks and savings banks;
(c)"board of directors" includes the board of directors of a bank, and the board of managers, or the board of trustees, of a savings bank, but excludes the executive committee of a bank or savings bank:
(d)"predecessor bank" includes
(1)a predecessor bank and a predecessor savings bank as defined in section 16 of the act to which this act is a supplement; and
(2)a bank, savings bank and national bank which has been or shall be merged into or consolidated with a bank or savings bank, as the case may be; and
(3)a bank, savings bank and national bank all or a part of whose business has been or shall be taken over by a bank or savings bank, as the case may be;
(e)"successor bank" includes
(1)a successor bank and a successor savings bank as defined in section 16 of the act of which this act is a supplement; and
(2)a bank and a savings bank into which or with which a bank or banks, savings bank or savings banks, and national bank or national banks have merged or consolidated, or shall merge or consolidate; and
(3)a bank and a savings bank which has taken over or shall take over all or a part of the business of a bank or banks, savings bank or savings banks, or national bank or national banks;
(f)"plan" and "retirement plan" mean a plan which provides for the retirement of officers and employees of a bank or a savings bank, and for the payment to them for life, or for a stated time, of retirement benefits;
(g)"fund" and "retirement fund" mean,
(1)a fund accumulated or set aside pursuant to paragraphs
(a)or
(b)of section 8 of this act; and
(2)a fund to which contributions are made pursuant to paragraphs
(d)and
(e)of section 8 of this act; and
(3)group annuity or insurance contracts, or both, purchased pursuant to paragraphs (a), (b),
(c)or
(e)of section 8 of this act;
(h)"employee" means persons employed by a bank, and includes officers of a bank;
(i)"subsidiary" means a corporation at least two-thirds of whose outstanding capital stock or securities having voting rights are owned by a bank, and also means an association, trust or other entity in which a bank owns at least a two-thirds interest.
L.1953, c. 124, p. 1311, s. 3.