N.J.S.A. 17:9A-20.1 — Establishment, maintenance of out-of-State branch offices

17:9A-20.1. Establishment, maintenance of out-of-State branch offices 11. a. A bank or savings bank may, pursuant to a resolution of its board of directors, establish and maintain a branch office or branch offices outside this State, subject to the conditions and limitations of sections 19 and 20 of P.L.1948, c.67 (C.17:9A-19 and 17:9A-20). b. No bank or savings bank shall establish a branch office outside this State unless the laws of the jurisdiction where the branch is to be established do not prohibit the establishment of the branch. c. A bank or savings bank which establishes a branch office outside this State shall have such additional powers in that state as permitted to banks or savings banks, as applicable, in the state in which the branch is located. L.1996,c.17,s.11. 17:9A-20.2 . Powers of out-of-State banks operating branch office in State 12. An out-of-State bank that opens, occupies or maintains a branch office in this State shall have in this State only the powers a bank chartered in this State has. L.1996,c.17,s.12.

This is the verbatim text of N.J.S.A. 17:9A-20.1, 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.