N.J. Admin. Code § 3:6-17.1

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

Section 3:6-17.1 - Authorization for conversion

(a) Any bank may apply to the Commissioner to convert itself to a capital stock savings bank by organizing and transferring its assets and liabilities to a newly-chartered capital stock savings bank.

(b) Before applying to the Commissioner for a conversion pursuant to (a) above, the bank shall obtain a resolution of the bank's board of directors indicating that the conversion is advisable and in the best interests of the shareholders.

(c) After the board of directors has adopted a resolution, a meeting of the stockholders shall be held upon not less than 10 days' written notice. The notice shall contain a statement of the time, place and purpose for which such meeting is called. At this meeting, the shareholders shall vote on whether the bank shall convert to a capital stock savings bank. An affirmative vote of shareholders of at least two-thirds of the stock represented at the meeting, either in person or by proxy, may approve the conversion.

N.J. Admin. Code § 3:6-17.1

Recodified from N.J.A.C. 3:6-17.2 by R.2001 d.203, effective 6/18/2001.
See: 33 N.J.R. 926(a), 33 N.J.R. 2079(c).
Former N.J.A.C. 3:6-17.1, Definitions, was repealed.
Amended by R.2006 d.406, effective 12/4/2006.
See: 38 N.J.R. 2552(a), 38 N.J.R. 5008(a).
Rewrote (c).