17:9A-325. Additional statements by and examinations of foreign banks

211 words·~1 min read·/nj/title-17/chapter-9a/17-9a-325

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. So long as a foreign bank shall be obligated in any manner with respect to any estate or trust administered under the laws of this State, the commissioner may, whenever and as often as he shall deem it advisable,

(1)require the filing by the foreign bank of additional statements of financial condition and other information as to its compliance with the provisions of this article; and

(2)examine into the affairs of the foreign bank to determine its financial condition and its compliance with the provisions of this article, such examination to be made by the commissioner, his deputy, or any other persons so authorized by the commissioner.

B. The officers and employees of every foreign bank being examined shall exhibit to the examiners all its securities, books, records and accounts which are pertinent to the examination, and shall otherwise facilitate the examination.

C. The commissioner, his deputy, and all other persons authorized by the commissioner to examine into the affairs of a foreign bank shall have the power to examine under oath or affirmation the directors, officers and employees of the foreign bank on matters pertinent to such examination, and, for that purpose, shall have power to administer oaths and affirmations.

L.1948, c. 67, p. 407, s. 325.