17:9A-408. Amended certificate of incorporation

193 words·~1 min read·/nj/title-17/chapter-9a/17-9a-408

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

In the event that the board of managers elects to follow the procedures provided in subsection b. of section 7 of this act, the managers shall, with the approval of the commissioner:

a. Adopt an amended certificate of incorporation which changes the name of the organizing mutual savings bank and conforms its organization, governance and powers to those prescribed for a mutual savings bank holding company by section 8 and sections 10 through 15 of this act.

b. The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state:

(1)The amount of capital deposits and surplus which are to be retained by the organizing mutual savings bank holding company;

(2)The amount of assets and liabilities of the organizing mutual savings bank that are to be transferred to the subsidiary capital stock savings bank; and

(3)A means of retaining 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 retained by the organizing mutual savings bank holding company.

L. 1987, c. 201, s. 27.