N.J.S.A. 17:16E-6 — Bank holding companies and financial institutions with common ownership; inapplicability of act

17:16E-6. Bank holding companies and financial institutions with common ownership; inapplicability of act Nothing in this act shall prevent a person who is a director or officer of a bank holding company from being a director or officer of any one or more banks which are subsidiaries of such company, nor shall anything in this act prevent a person who is a director or officer of a bank which is a subsidiary of a bank holding company from being a director or officer of any one or more other banks which are subsidiaries of such holding company. When there are two or more financial institutions in which more than 50% of the stock is owned directly by the same persons, a person who is a director or officer of any one of such financial institutions may be a director or officer of any one or more of such other institutions. L.1975, c. 265, s. 6, eff. Jan. 1, 1976.

This is the verbatim text of N.J.S.A. 17:16E-6, 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.