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Section 17:16E-2 - Definitions

NJ Rev Stat § 17:16E-2 (2019) (N/A)
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17:16E-2. Definitions

For the purposes of this act:

a. "Financial institution" shall include State or National bank, trust company, savings bank, State or Federal savings and loan association, State or Federal credit union and bank holding company.

b. "Municipality" means a municipality located in the State of New Jersey and shall include city, town, township, village, borough, and any municipality governed by a board of commissioners or improvement commission.

c. Municipalities shall be considered contiguous when their boundaries touch or coincide at any point.

d. Municipalities shall be considered adjacent when they are located in such close proximity to one another or within the same market area as shall be determined to be adjacent by the Commissioner of Banking.

e. "Manager" means a member of a board of directors or a member of a board of managers of a savings bank.

L.1975, c. 265, s. 2, eff. Jan. 1, 1976.

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Section 17:16E-1.1 - Compliance of bank, savings bank with prohibition on interlocking relationships
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Section 17:16E-3 - Mutual directors, officers or managers of financial institutions in same, adjacent, or contiguous municipalities; prohibition