N.J.S.A. 17:16J-3 — Directing of acquisition or merger; authority of commissioner

17:16J-3. Directing of acquisition or merger; authority of commissioner The commissioner shall have the authority to direct a depository to merge into or be acquired by another depository or a company only if the depository to be merged or acquired meets one of the following tests: a. The depository has, in the opinion of the commissioner, a ratio of capital stock, surplus, undivided profits, and reserves to total assets which is declining to the extent that the ratio would reach a level of 1% or less within the ensuing 12 months; or b. The depository does not have sufficient funds, as determined by the commissioner, to meet the liabilities and obligations of the depository during the ensuing 6 months. L.1982, c. 8, s. 3, eff. March 4, 1982.

This is the verbatim text of N.J.S.A. 17:16J-3, 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.