N.J. Admin. Code § 3:32-3.7

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

Section 3:32-3.7 - Officers

(a) The board of directors of a mutual state association holding company at the first meeting following each annual meeting may elect a Chairman of the Board and shall elect a President, both of whom shall be directors. The board of directors shall select the Chairman of the Board, President or another officer who is a director to be the chief executive officer, and may elect a Secretary and a Treasurer, neither of whom need be directors.

(b) A mutual state association holding company may pay its officers any reasonable compensation as may be from time to time fixed by the board of directors. The Commissioner may direct that the amount of compensation paid to officers be reduced if it is deemed to be excessive. The Commissioner shall consider the duties, experience, education and responsibilities of the officer, and any other relevant factors, when making this determination.

Recodified from N.J.A.C. 3:32-3.6 by R.1998 d.559, effective 12/7/1998.
See: 30 New Jersey Register 3124(a), 30 New Jersey Register 4209(a).
Former N.J.A.C. 3:32-3.7, Division of surplus, recodified to N.J.A.C. 3:32-3.8.