N.J. Admin. Code § 3:6-15.1

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

Section 3:6-15.1 - Terms and conditions

(a) A savings bank may permit its officers and managers and their families and affiliates to become liable to the savings bank only under the same terms and conditions and to the same degree of liability as a bank permits its directors, officers or the corporations or partnerships of the officers or directors of a bank to become liable to a bank under N.J.S.A. 17:9A-71 to 74, N.J.S.A. 17:9A-104 and N.J.A.C. 3:1-11 and 3:6-3.

(b) A savings bank may not permit its officers and managers and their families and affiliates to become liable to the savings bank pursuant to the authority of N.J.A.C. 3:6-12.

(c) The authority of a savings bank to permit its officers and managers and their families and affiliates to become liable to the savings bank under the same terms and conditions and to the same degree of liability as a bank is not to be construed as granting to the savings bank the authority to grant any form or type of loan it is not otherwise authorized to make.

(d) "Manager" of a savings bank means a trustee or director of a savings bank and where reference is made to a director of a bank it shall be deemed to refer to the manager of a savings bank.

N.J. Admin. Code § 3:6-15.1

Amended by R.1994 d.397, effective 8/1/1994.
See: 25 New Jersey Register 3586(b), 26 New Jersey Register 3163(a).
Recodified from N.J.A.C. 3:6-15.2 and amended by R.2001 d.203, effective 6/18/2001.
See: 33 New Jersey Register 926(a), 33 New Jersey Register 2079(c).
In (a), amended N.J.S.A. and N.J.A.C. references; in (b), amended N.J.A.C. reference; and added (d). Former N.J.A.C. 3:6-15.1, Definitions, was repealed.