N.J.S.A. 17:9A-397 — Incorporation of subsidiary bank

17:9A-397. Incorporation of subsidiary bank The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company. They shall issue a certificate of incorporation stating: a. The name by which the subsidiary capital stock savings bank shall be known; b. The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located; c. The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank; d. The number of directors on the board of directors; e. The names of the persons who will serve as directors until their successors are elected and qualified; f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and g. The amount of surplus with which the subsidiary capital stock savings bank will commence business. L. 1987, c. 201, s. 16.

This is the verbatim text of N.J.S.A. 17:9A-397, 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.