N.J. Admin. Code § 3:13-5.7

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

Section 3:13-5.7 - Division of surplus

(a) The board of a mutual savings bank holding company may, by a majority vote of the directors, divide any surplus which is in excess of the amount required for the operations of the mutual savings bank holding company and which is not necessary to maintain the safety and soundness of the mutual savings bank holding company, and may distribute this surplus to the depositors of its subsidiary capital stock savings bank or banks. All such distributions shall be made equitably based on the amount deposited by each depositor in the subsidiary capital stock savings bank or banks.

(b) The Commissioner may, if he or she deems the surplus held by a mutual savings bank holding company to be excessive, either upon petition or on the Commissioner's own initiative, order the savings bank holding company to distribute the surplus to the depositors of its subsidiary capital stock savings bank or banks.