N.J. Admin. Code § 3:32-1.3

Current through Register Vol. 57, No. 1, January 6, 2025

Section 3:32-1.3 - Conversion; general

(a) A State chartered association making such conversion shall comply with the following conditions and procedures:

1. Any plan for conversion shall be approved by two-thirds of the board of such association, and a resolution shall be adopted to that effect;

2. A preliminary application for approval of conversion with a proxy statement and a proxy form shall be submitted to the commissioner who shall determine that:

i. The plan of conversion has been adopted and approved by the board of directors;

ii. The plan of conversion is fair and equitable to all members;

iii. Sufficient provision has been made to protect the interest of the depositors of the prospective capital stock association;

(b) If the preliminary application for approval of conversion is deemed acceptable by the Commissioner, he or she shall issue a notice of intent to approve subject to the affirmative vote of a majority of eligible members and compliance with the conditions prescribed in the conversion provisions of N.J.S.A. 17:12B-1 et seq. and this regulation.

N.J. Admin. Code § 3:32-1.3

Amended by R.1998 d.559, effective 12/7/1998.
See: 30 New Jersey Register 3124(a), 30 New Jersey Register 4209(a).
In (b), substituted a reference to N.J.S.A. 17:12B-1 et seq. for a reference to article XXI of the Savings and Loan Act (1963).