17:9A-326. Certificate of authority; revocation

250 words·~1 min read·/nj/title-17/chapter-9a/17-9a-326

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

326. The commissioner shall revoke the certificate of authority or renewal thereof of a foreign bank if:

(1)the foreign bank has ceased to be authorized by the laws under which it is incorporated to act as trustee, testamentary trustee, fiduciary, executor or guardian;

(2)(Deleted by amendment, P.L.1999, c.159).

(3)the foreign bank does not have capital and surplus of at least one million dollars;

(4)the commissioner finds that its financial condition or lack of insurance coverage makes it inadvisable to permit the foreign bank to act in the fiduciary capacities specified in section 316;

(5)the foreign bank, its directors, officers or employees refuse to permit an examination of its securities, books, records and accounts pursuant to section 325, or if any of its directors, officers or employees refuse to be examined under oath as provided in said section;

(6)the foreign bank does not, within such time as the commissioner may fix, deliver to the commissioner any information required by the commissioner under section 325;

(7)the foreign bank does not pay the costs of an examination made pursuant to section 325; or

(8)(Deleted by amendment, P.L.1999, c.159).

(9)(Deleted by amendment, P.L.1999, c.159).

(10)the foreign bank does not, after the time for appeal has expired and no appeal is pending, satisfy a judgment against it for a breach of any fiduciary obligation with respect to any estate or trust administered by it under the laws of this State.

L.1948,c.67,s.326; amended 1953, c.17, s.54; 1999, c.159, s.10.