17:9A-411. Approval of commissioner required for acquisition of New Jersey bank holding company, bank
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/nj/title-17/chapter-9a/17-9a-411A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30. a. Except as otherwise expressly permitted by federal law, no person may acquire a New Jersey bank holding company or a New Jersey bank without the prior approval of the commissioner.
b. The prohibitions in subsection a. of this section shall not apply if the acquisition is made:
(1)in a transaction arranged by the commissioner or another bank supervisory agency to prevent the insolvency or closing of the acquired bank; or
(2)in a transaction in which a bank forms its own bank holding company, if the ownership rights of the former bank shareholders are substantially similar to those of the shareholders of the new bank holding company.
c. In a transaction for which the commissioner's approval is not required under this section, the parties shall give written notice to the commissioner at least 15 days before the effective date of the acquisition, unless a shorter period of notice is required under applicable federal law.
L.1996,c.17,s.30.