17:9A-383. Prior approval
124 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-383A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons:
a. Obtain or exercise control of a capital stock savings bank;
b. Offer to acquire beneficial ownership or control of any voting shares of a capital stock savings bank if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting shares of the capital stock savings bank; or
c. Acquire beneficial ownership or control of any voting shares of a capital stock savings bank, if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting shares of the capital stock savings bank.
L.1987,c.201,s.2; amended 1995,c.24,s.2.