N.J.S.A. 17:9A-197 — Amendments to certificate of incorporation; objects

17:9A-197. Amendments to certificate of incorporation; objects A savings bank may, by amending its certificate of incorporation in the manner provided by this article (1) change its corporate name; or (2) assume the authority to exercise any or all of the powers specified in paragraphs (1), (5), (6) and (9) of section 28; or (3) relinquish the authority to exercise any or all of the powers specified in section 28; or (4) effect any other object which pursuant to any other provision of this act is required or permitted to be effected by amendment of the certificate of incorporation. L.1948, c. 67, p. 340, s. 197. 17:9A-197.1. Savings bank official immunity Notwithstanding the provisions of section 197 of P.L. 1948, c. 67 (C. 17:9A-197), a savings bank may, by amending its certificate of incorporation in the manner provided in section 198 of P.L. 1948, c. 67 (C. 17:9A-198), provide that a manager or officer shall not be personally liable, or shall be liable only to the extent therein provided, to the savings bank or its depositors for damages for breach of any duty owed to the savings bank or its depositors, except that such provision shall not relieve a manager or officer from liability for an act or omission (a) in breach of such person's duty of loyalty to the savings bank or its depositors, (b) not in good faith or involving a knowing violation of law or (c) resulting in receipt by such person of an improper personal benefit. As used in this section, an act or omission in breach of a person's duty of loyalty means an act or omission which that person knows or believes to be contrary to the best interests of the savings bank or its depositors in connection with a matter in which he has a material conflict of interest. The Commissioner of Banking shall approve such amendment unless he finds that it unreasonably affects the interests of the depositors. L. 1987, c. 35, s. 11; amended 1989,c.17,s.8.

This is the verbatim text of N.J.S.A. 17:9A-197, 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.