§ 17:9A-397 — Incorporation of subsidiary bank

The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company. They shall issue a certificate of incorporation stating: a. The name by which the subsidiary capital stock savings bank shall be known; b. The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located; c. The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank; d. The number of directors on the board of directors; e. The names of the persons who will serve as directors until their successors are elected and qualified; f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and g. The amount of surplus with which the subsidiary capital stock savings bank will commence business. L. 1987, c. 201, s. 16.