N.J. Admin. Code § 3:32-3.4

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

Section 3:32-3.4 - Approval of application

(a) The Commissioner shall approve the application for a mutual state association holding company upon a finding of the following factors:

1. The establishment of a mutual state association holding company is in the best interests of the depositors of the mutual state association;

2. The qualifications, experience and character of the proposed officers and directors of the mutual state association holding company are sufficient to result in the successful operation of the mutual state association holding company;

3. The interests of the public will be served by the establishment of a mutual state association holding company;

4. The mutual state association holding company is adequately capitalized; and

5. The establishment of the mutual state association holding company meets the requirements of law.

(b) The Commissioner shall approve the charter application of a subsidiary capital stock state association filed with an application for a mutual state association holding company upon a finding of the following factors:

1. The qualifications, experience and character of the proposed officers and directors of the subsidiary capital stock state association are sufficient to result in the successful operation of the subsidiary capital stock state association;

2. The interests of the public will be served by the establishment of the subsidiary capital stock state association; and

3. The capital stock of the subsidiary capital stock state association is in accordance with the amount required for state associations pursuant to N.J.S.A. 17:12B-248.

N.J. Admin. Code § 3:32-3.4