N.J. Admin. Code § 3:1-10.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 3:1-10.1 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Affiliated person" means the following:

1. A director, manager or executive officer of an institution;

2. A spouse of a director, manager or executive officer of an institution;

3. A member of the immediate family of a director, manager or executive officer of an institution or an affiliate of an institution;

4. Any corporation or organization of which a director, manager or executive officer of such institution is an officer or partner or is, directly or indirectly either alone or is, directly or indirectly either alone or with his or her spouse, the owner of 10 percent or more of any class of equity securities or the owner with other directors, managers and executive officers of such institution and their spouses of 25 percent or more of any class of equity securities;

5. Any trust or other estate in which a director, manager or executive officer of such institution or the spouse of such person has a substantial beneficial interest or as to which such person or his or her spouse serves as trustee or in a similar fiduciary capacity.

"Executive officer" means a person who participates or has authority to participate, other than in the capacity of a director, in major policy-making functions of the institution, whether or not: the person has an official title; the title contains a designation of assistant; or the person is serving without salary or other compensation. The chairman of the board, the president, every vice president, the cashier, the secretary, the treasurer and the comptroller are considered to be executive officers, unless by resolution of the board of directors or by the bylaws of the institution any such executive officer is excluded from participation in major policy-making functions, other than in the capacity of a director, and the executive officer does not actually participate therein.

"Immediate family" of any natural person means the following (whether by the full or half blood or by adoption):

1. Such person's spouse, father, mother, children, brothers, sisters and grandchildren;

2. The father, mother, brothers and sisters of such person's spouse; and

3. The spouse of a child, brother or sister of such person.

"Institution" means a bank as defined in N.J.S.A. 17:9A-1(1), a savings bank as defined in N.J.S.A. 17:9A-1(13) and a State association as defined in N.J.S.A. 17:12B-5(1).

N.J. Admin. Code § 3:1-10.1

As amended, R.1982 d.242, eff. 8/2/1982.
See: 14 New Jersey Register 490(a), 14 New Jersey Register 834(a).
Amended definition of "Executive officer".
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).