N.J. Admin. Code § 3:11-11.2

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

Section 3:11-11.2 - Type of investment

(a) Only to the extent and upon the conditions that have been authorized by 17:9A-24.1 2 and in accordance with the procedures and limitations contained in this subchapter:

1. A bank, by resolution of its board of directors, and without prior approval of the Commissioner, may invest:

i. In equity securities;

ii. In subsidiary companies which engage in the activities prescribed in this subchapter; and

iii. Directly in those activities which are prescribed in this subchapter for subsidiary companies; and

2. A bank, by resolution of its board of directors, may apply to the Commissioner for approval to make other investments. The application procedure and approval process shall be as provided in 3:11-11.9 and 3:11-11.1 0.

N.J. Admin. Code § 3:11-11.2

Amended by R.2005 d.165, effective 6/6/2005.
See: 37 New Jersey Register 162(a), 37 New Jersey Register 2008(a).