N.J. Admin. Code § 3:21-3.8

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

Section 3:21-3.8 - Discontinuance of a branch

(a) A State-chartered credit union that has received approval pursuant to this subchapter to establish a branch may discontinue the branch upon resolution of its board of directors. Upon the adoption of such a resolution, the credit union shall file a certificate with the Department specifying the location of the branch to be discontinued, and the date upon which the discontinuance shall be effective.

(b) The failure of a credit union to open and operate a branch within one year after the Commissioner approves the application shall automatically terminate the right of the credit union to open the branch.