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Section 17:9A-149 - Prerequisites to conversion; definition of "applicable Federal law"

NJ Rev Stat § 17:9A-149 (2019) (N/A)
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17:9A-149. Prerequisites to conversion; definition of "applicable Federal law"

A. As used in this article, "applicable Federal law" means the laws of the United States, as presently enacted and as hereafter from time to time supplemented or amended, governing the conversion of a national banking association into a bank organized under State laws.

B. A national banking association which has its principal office in this State may become a bank in the manner following:

(1) it shall take such action, in the manner prescribed by applicable Federal law, as shall make its conversion into a bank effective;

(2) a majority of its directors shall execute, acknowledge and submit to the commissioner a certificate of incorporation setting forth the matters specified in paragraphs (1), (2), (3), (4), (5), (8), (9) and (10) of section 3, together with a copy of the plan of conversion, and together with an affidavit setting forth the matters specified in paragraphs (1) and (2) of subsection A of section 9.

L.1948, c. 67, p. 290, s. 149. Amended by L.1951, c. 41, p. 150, s. 3.

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