17:9A-412. Procedure for acquisition

210 words·~1 min read·/nj/title-17/chapter-9a/17-9a-412

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

31.a. A person that proposes to make an acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) shall:

(1)file with the commissioner an application in the form that the commissioner requires; and

(2)pay to the commissioner an application fee prescribed by the commissioner.

b. To the extent consistent with the effective discharge of the commissioner's responsibilities, the forms established under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the federal "Bank Holding Company Act of 1956," 12 U.S.C. 1841 et seq.

c. In connection with an application received under this section, the commissioner shall:

(1)require that prior notice of the application be published in a daily newspaper of general circulation and provide an opportunity for public comment; and

(2)make the application available for public inspection to the extent required or permitted under applicable State or federal law.

d. If the applicant is an out-of-State bank holding company it shall submit with the application proof that the applicant has complied with or is exempted from the requirements of N.J.S.14A:13-3 and N.J.S.14A:13-4, requiring registration by foreign corporations doing business in this State.

L.1996,c.17,s.31.