17:12B-30 - Auxiliary office, establishment, location - New Jersey Statutes

17:12B-30. Auxiliary office, establishment, location
30.  No auxiliary office shall be established or operated at a location which is outside this State or more than one mile from the office of the State association to which such auxiliary office is an adjunct; nor shall any such auxiliary office be established within 1,000 feet of the principal office or a branch office of another association, without the written consent of such association.  Such consent, once given, shall thereafter be irrevocable, regardless whether it was given gratuitously or for a valuable consideration.  No State association shall be required to  discontinue an auxiliary office for the reason that, after its establishment pursuant to this act, another association has established its principal office or a branch office within 1,000 feet of such auxiliary office.

L.1963,c.144,s.30; amended 1996, c.17, s.90.