N.J. Admin. Code § 3:11-11.9

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

Section 3:11-11.9 - Approval procedures for other investments

(a) A bank which seeks to make an investment or engage in any activity requiring the specific approval of the Commissioner shall submit a written application, accompanied by a $ 100.00 application fee. In addition, the Department shall impose a per diem charge, as required. Within 30 days of the filing of such application, the Commissioner shall notify the applicant in writing either that all information required by this section has been filed or that additional specified information must be filed. The Commissioner shall, within 60 days of the date of written notice that all required information has been filed, endorse thereon his or her approval or disapproval.

(b) A bank which makes an application to the Commissioner as specified in this subchapter shall submit the following information:

1. The total amount, in dollars and as a percentage of assets and capital funds, of investments that the applicant seeks to make;

2. An identification of the applicant's investment thresholds as determined in accordance with 17:9A-24.1 2;

3. A description and quantification, as a dollar amount and as a percentage of assets and capital funds, of the applicant's outstanding investments pursuant to this subchapter;

4. A business plan which describes the proposed specific investment (including any existing investment made pursuant to other laws or regulations) and its anticipated financial impact on the applicant; and

5. Such other information as may be requested in writing by the Commissioner.

N.J. Admin. Code § 3:11-11.9

Emergency amendment, R.1989 d.407, effective 7/3/1989 (expires September 1, 1989).
See: 21 New Jersey Register 2397(a).
Amended by R.1989 d.449, effective 8/21/1989.
See: 21 New Jersey Register 1601(b), 21 New Jersey Register 2473(b).
Application fee and per diem charge added.