N.J. Admin. Code § 3:6-1.1

Current through Register Vol. 56, No. 23, December 2, 2024
Section 3:6-1.1 - Definitions

The following words and terms, when used in the chapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Bank" means a bank as defined in 17:9A-1(1).

"Banking institution" means a bank, savings bank, an out-of-State bank having a branch office in this State, an out-of-country bank having a branch office in this State, and a national banking association having its principal or a branch office in this State.

"Capital funds" of a savings bank are deemed to include capital notes of the savings bank for purposes of computing lending limitations.

"Capital stock association" means a capital stock association as defined in 17:12B-244(a).

"Capital stock savings bank" means a savings bank organized or converted pursuant to 17:9A-8.1 to 8.17.

"De novo branch" means a new branch office of a banking institution or foreign bank established not by means of the acquisition of an existing insured depository institution or branch office of an insured depository institution or by the means of the conversion, merger, or consolidation of any such institution or branch office.

"Executive officer" means a person who participates or has authority to participate, other than in the capacity of a director, in major policy-making functions of the bank, whether or not: the person has an official title; the title contains a designation of assistant; or the person is serving without salary or other compensation. The chairman of the board, president, every vice president, cashier, secretary, treasurer and comptroller are considered to be executive officers, unless pursuant to resolution of the board of directors or the bylaws of the bank any such executive officer is excluded from participation in major policy-making functions, other than in the capacity of a director, and the executive officer does not actually participate therein.

"Foreign bank" means a company, other than a banking institution, organized under the laws of the United States, another state or a foreign government, which is authorized by the laws under which it is organized to exercise some or all of the powers specified in 17:9A-24(4), 25(4)(5) and (13), and 28(3) through (9).

"Insured depository institution" means any banking institution or state or Federally-chartered savings association, the deposits of which are insured by the Federal Deposit Insurance Corporation.

"Issuer" means a qualified bank that acts either by itself or with others as an underwriter of securities.

"Mutual association" means a mutual association as defined in 17:12B-5(31).

"Qualified bank" means a qualified bank as defined in 17:9A-1(12).

"Savings bank" means a savings bank as defined in 17:9A-1(13).

"State association" means a State association as defined in 17:12B-5(1).

"Trust account" means any account, relationship or arrangement administered by a qualified bank acting in any capacity as defined by 17:9A-28.

N.J. Admin. Code § 3:6-1.1

Amended by 46 N.J.R. 759(b), effective 5/5/2014.