N.J.S.A. 17:9A-180.3 — Additional limitation on investments in such corporate interest bearing securities

17:9A-180.3. Additional limitation on investments in such corporate interest bearing securities No savings bank shall make an investment pursuant to this act at any time when the total of all such investments exceeds, or if the making of such investment would cause such total to exceed 75% of the aggregate of its surplus, undivided profits and unallocated reserves. As used in this section, the aggregate of the surplus, undivided profits and unallocated reserves shall be that amount as shown as the total surplus accounts in the latest report of condition made and filed as required by section 256(A), of the Banking Act of 1948. L.1951, c. 167, p. 644, s. 3. Amended by L.1958, c. 152, p. 667, s. 1; L.1966, c. 270, s. 1, eff. Sept. 6, 1966.

This is the verbatim text of N.J.S.A. 17:9A-180.3, 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.