17:9A-389. Certificate of incorporation

265 words·~1 min read·/nj/title-17/chapter-9a/17-9a-389

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

a. The board of managers of the organizing mutual savings bank shall execute a certificate of incorporation for the mutual savings bank holding company stating:

(1)The name by which the mutual savings bank holding company shall be known;

(2)The street, street number, and municipality where the principal office of the mutual savings bank holding company is to be located;

(3)The names and addresses of the trustees of the organizing mutual savings bank;

(4)The number of trustees of the mutual savings bank holding company;

(5)The names of persons who are to act as trustees of the mutual savings bank holding company, until their successors are elected and qualified;

(6)The amount of capital deposits and surplus which are to be transferred from the organizing mutual savings bank to the mutual savings bank holding company; and

(7)Any other provisions as the incorporators of the mutual savings bank holding company deem necessary, or as are required by the commissioner by regulation.

b. The certificate of incorporation of a mutual savings bank holding company shall provide for the retention of any interests of the respective depositors of the organizing mutual savings bank in the assets of the organizing mutual savings bank, according to a fair valuation, including assets which are proposed to be transferred from the organizing mutual savings bank to the mutual savings bank holding company.

c. The certificate of incorporation of the mutual savings bank holding company shall also provide that a liquidation account shall be established, on terms established or approved by the commissioner.

L. 1987, c. 201, s. 8.