N.J.S.A. 17:13-85 — Issuance of certificate of authority; transaction of business

17:13-85. Issuance of certificate of authority; transaction of business Within 30 days of receipt of the affidavit required by section 6 of this act, the commissioner shall issue a certificate of authority for the credit union to begin the transaction of business provided for in the certificate of incorporation if: a. After an examination, he finds that the facts presented in the affidavit are true; b. The incorporators have received firm commitment of the insurance required by section 9 of this act; c. The proposed directors and officers of the credit union possess the qualifications, experience, and character required for the duties and responsibilities with which they will be charged. Upon receipt of the certificate of authority, the credit union may begin transacting business. The commissioner shall file a copy of the certificate of authority with the certificate of incorporation. L.1984, c. 171, s. 7, eff. Oct. 31, 1984.

This is the verbatim text of N.J.S.A. 17:13-85, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.