17:12B-221 - Voting rights - New Jersey Statutes

17:12B-221.  Voting rights
    Notwithstanding any other provision or provisions of the law granting, governing, defining or limiting the powers or right of members to vote upon any  question or issue whatsoever requiring the consent or approval of the members  of the State association by the vote of the majority or otherwise, the Federal  Savings and Loan Insurance Corporation, shall be entitled, at any meeting or  meetings of the State association held after the commissioner takes possession  of the business and property of the State association, to cast 1 vote for each  member of the State association whose account is insured and who is not  entitled by way of withdrawal or maturity rights to a sum greater than the  maximum amount for which a single member may be insured by the corporation, and  whose account has been paid, or made available for payment.  The right to vote  herein conferred shall be exercised by the corporation by any of its officers,  or by such person or persons as its board of trustees may designate.  All votes  so cast by the corporation shall have the same effect and shall be considered  for all purposes whatsoever as if severally and individually cast by the  members of the State association whose account, or accounts are insured as  aforesaid, and who are severally entitled to a sum not greater than the maximum  amount for which a single member may be insured by the corporation.

     L.1963, c. 144, s. 221.