New Jersey § 17:9A-408 Amended certificate of incorporation

New Jersey Statutes

§ 17:9A-408 — Amended certificate of incorporation

New Jersey § 17:9A-408

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

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Bluebook

N.J. Stat. Ann. § 17:9A-408 (2026).

Text

In the event that the board of managers elects to follow the procedures provided in subsection b. of section 7 of this act, the managers shall, with the approval of the commissioner: a. Adopt an amended certificate of incorporation which changes the name of the organizing mutual savings bank and conforms its organization, governance and powers to those prescribed for a mutual savings bank holding company by section 8 and sections 10 through 15 of this act. b. The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state:

(1)The amount of capital deposits and surplus which are to be retained by the organizing mutual savings bank holding company;

(2)The amount of assets and liabilities of the organizing mutual savings bank that are to be transferred

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In the event that the board of managers elects to follow the procedures provided in subsection b. of section 7 of this act, the managers shall, with the approval of the commissioner: a. Adopt an amended certificate of incorporation which changes the name of the organizing mutual savings bank and conforms its organization, governance and powers to those prescribed for a mutual savings bank holding company by section 8 and sections 10 through 15 of this act. b. The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state: (1) The amount of capital deposits and surplus which are to be retained by the organizing mutual savings bank holding company; (2) The amount of assets and liabilities of the organizing mutual savings bank that are to be transferred to the subsidiary capital stock savings bank; and (3) A means of retaining any interests of the respective depositors of the organizing mutual savings bank in the assets of the organizing mutual savings bank, according to a fair valuation, including assets which are proposed to be retained by the organizing mutual savings bank holding company. L. 1987, c. 201, s. 27.