17:9A-319. Issuance, denial of certificate of authority
162 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-319A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
319. A. Within 60 days following the receipt of the application of a foreign bank for a certificate of authority to transact business in this State, the commissioner shall issue the certificate or make an order denying the application.
B. The commissioner shall issue the certificate if he is satisfied from the application submitted to him, or otherwise,
(1)that the foreign bank is authorized by the laws under which it is incorporated to act as trustee, testamentary trustee, fiduciary, executor or guardian;
(2)that the foreign bank has capital and surplus of not less than one million dollars; and
(3)that the foreign bank has complied in good faith with all of the requirements of section 318.
C. Before issuing or denying a certificate of authority, the commissioner may require a foreign bank which makes application for a certificate of authority to submit to him additional information, in such form and manner as he may require.
L.1948,c.67,s.319; amended 1999, c.159, s.8.