17:9A-311. Powers of the banking advisory board
243 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-311A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. In addition to the powers elsewhere in this act conferred upon it, the banking advisory board shall have power, by two-thirds vote of its members,
(1)to make recommendations to the commissioner upon any matter relating to the duties of the commissioner which he may submit to it;
(2)to make recommendations to the Governor concerning legislation affecting institutions which are subject to the provisions of this act.
B. In addition to the power specified in subsection A of this section, the banking advisory board shall have power, by two-thirds vote of its members, upon the request of and subject to the approval of the commissioner,
(1)to make, amend, and repeal regulations not in conflict with the powers conferred by law upon the commissioner, for the following purposes:
(a)to establish safe and sound methods of banking to safeguard the interests of depositors and other creditors;
(b)to define "conducting business in an unsafe manner" as applied to banks and savings banks;
(c)to define "unsafe or unsound condition to transact business" as applied to banks and savings banks;
(2)to consider the decision of the commissioner on any application for the establishment of a branch office of any bank or savings bank, or any amendment to the certificate of incorporation of any bank or savings bank, or the merger of any two or more banks or savings banks, and make recommendations to the commissioner thereon.
L.1948, c. 67, p. 400,s.311.