N.J. Admin. Code § 3:11-12.4

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

Section 3:11-12.4 - Commissioner approval

(a) Within 30 days of receipt of a completed application, the Commissioner shall approve the application and designate the limited or unlimited amount approved, provided it is found that:

1. The savings bank is being operated in a safe and sound manner;

2. The savings bank has capital equal to that required from time to time by the Board of Governors of the Federal Reserve System for a bank chartered under the laws of a state of the United States which is a member of the Federal Reserve System and said capital shall be calculated in accordance with generally accepted accounting principles as applied to banks;

3. The savings bank is competently managed; and

4. The savings bank has demonstrated satisfactory experience and expertise in making commercial loans.

N.J. Admin. Code § 3:11-12.4