N.J. Admin. Code § 3:21-4.1

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

Section 3:21-4.1 - Merger standards

(a) In approving a certificate and plan of merger under 17:13-110, the Commissioner of Banking and Insurance shall make the following determinations:

1. The continuing credit union has a high likelihood of operating in a safe and sound manner following the merger;

2. The management of the continuing credit union has sufficient expertise to operate the credit union following the merger;

3. In the case of a merger involving a group or multi-group credit union and a community credit union, the continuing credit union has designated whether the group or multi-group credit charter shall survive as the operating charter, or whether the community charter shall survive as the operating charter; and

4. In the case of a merger involving a community credit union, the community does not exceed a well-defined neighborhood, local community or rural district which is interpreted as not exceeding what would be permitted under the Community Charter Requirements of the National Credit Union Administration.

(b) Following the merger, the continuing credit union may take new members from any of the fields of the combined credit union, may add additional fields of membership pursuant to 17:13-92, or may merge with another credit union pursuant to 17:13-110.

N.J. Admin. Code § 3:21-4.1