17:9A-397. Incorporation of subsidiary bank
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/nj/title-17/chapter-9a/17-9a-397·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company. They shall issue a certificate of incorporation stating:
a. The name by which the subsidiary capital stock savings bank shall be known;
b. The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located;
c. The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank;
d. The number of directors on the board of directors;
e. The names of the persons who will serve as directors until their successors are elected and qualified;
f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and
g. The amount of surplus with which the subsidiary capital stock savings bank will commence business.
L. 1987, c. 201, s. 16.