N.J. Admin. Code § 3:11-11.1

Current through Register Vol. 56, No. 17, September 3, 2024

Section 3:11-11.1 - Definitions

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

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

"Capital funds" means capital, surplus, reserves, undivided profits and capital notes.

"Commissioner" means the Commissioner of the Department of Banking and Insurance.

"Control" means the power to directly or indirectly vote 25 percent or more of the voting stock of a subsidiary company, the ability to control in any manner the election of a majority of a subsidiary company's directors or trustees, or the ability to exercise a controlling influence over the management and policies of a subsidiary company.

"Department" means the Department of Banking and Insurance.

"Equity securities" means:

1. Shares of common or preferred stock registered on a national securities exchange or quoted on the National Association of Securities Dealers Automated Quotation System; and

2. Equity securities issued by a corporation, partnership or joint venture engaged exclusively in activities which are part of or incidental to the business of the institution.

3. Equity securities does not mean securities issued by a subsidiary company.

"Subsidiary company" means any corporation, partnership, association, joint venture or other business entity directly or indirectly controlled by a bank.

"Total liabilities" means total liabilities as defined in 17:9A-60(3), 60(6) and 60(8).

N.J. Admin. Code § 3:11-11.1