N.J. Admin. Code § 3:13-5.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:13-5.2 - Formation of mutual savings bank holding company

(a) The board of directors of an organizing mutual savings bank may apply to the Commissioner to form a mutual savings bank holding company in any of the following ways:

1. Plan 1: The board of directors may apply to incorporate a mutual savings bank holding company, transfer a portion of the organizing mutual savings bank's assets to the holding company, and then convert the organizing mutual savings bank to a subsidiary capital stock savings bank;

2. Plan 2: The board of directors may apply to incorporate a mutual savings bank holding company, form a subsidiary capital stock savings bank, and either merge the organizing mutual savings bank into the subsidiary capital stock savings bank or sell or transfer the assets and liabilities of the organizing mutual savings bank to the subsidiary capital stock savings bank and liquidate the organizing mutual savings bank;

3. Plan 3: The board of directors may apply to form a mutual savings bank holding company by incorporating a subsidiary capital stock savings bank, and by transferring a substantial part of the assets and liabilities of the organizing mutual savings bank to the newly formed subsidiary capital stock savings bank in return for a majority of its capital stock; or

4. Any other method of reorganization approved by the Commissioner.

N.J. Admin. Code § 3:13-5.2