N.J. Admin. Code § 3:11-4.1

Current through Register Vol. 56, No. 12, June 17, 2024

Section 3:11-4.1 - Authorization

(a) Banks are authorized to subscribe for purchase and hold stock of one or more banks or corporations chartered or incorporated under the laws of the United States or of any state thereof, and principally engaged in international or foreign banking, as defined and authorized under section 25(a) of the Federal Reserve Act, provided that:

1. Qualification to invest: The total capital stock and surplus of the bank making such investment or investments shall not be less than $ 1,000,000;

2. Limitations on investment: The total amount invested in all such banks or corporations shall not exceed 10 percent of the total capital stock and surplus of the bank.

N.J. Admin. Code § 3:11-4.1