N.J. Admin. Code § 19:25-5.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:25-5.2 - Qualifications of depositories

(a) Any bank authorized by law to transact business in and maintaining a branch or office in the State of New Jersey may be designated for the purpose of establishing a campaign or organizational depository, and may serve as the campaign or organizational depository for any number of candidates or committees.

(b) For the limited purpose of investing campaign or organizational funds, a recognized investment institution authorized by law to transact business in the State of New Jersey may be designated as an additional depository, provided that the invested funds are not used for the benefit of any person or enterprise in which the candidate, or a campaign or committee official, has an economic interest.

(c) Notwithstanding (a) above, a continuing political committee may designate a bank or investment institution located outside the State of New Jersey as an organizational depository provided that the bank or investment institution files a consent to service of legal process at an address within this State prior to accepting or receiving any organizational funds.

N.J. Admin. Code § 19:25-5.2

Amended by R.2000 d.322, effective 8/7/2000.
See: 32 New Jersey Register 1291(a), 32 New Jersey Register 2930(a).
Rewrote (a); and in (b), inserted a reference to continuing political committees.
Amended by R.2004 d.280, effective 7/19/2004.
See: 36 New Jersey Register 1895(a), 36 New Jersey Register 3418(a).
In (b), deleted "establishing a depository for" preceding "investing campaign" and substituted "an additional" following "may be designated as".