17:12B-56 - Appropriation for payments; merger of associations - New Jersey Statutes

17:12B-56.  Appropriation for payments;  merger of associations    Any payments required to establish a pension fund out of which benefits may  be paid directly or to provide for prior service credits under the pension plan  or for any proper purpose in connection with the establishment or maintenance  of a pension plan, may with the approval of the commissioner be appropriated  from the undivided profits account and shall not be subject to the provisions  of section 72 of this act.  In the event of a merger of 2 or more associations,  any pension plan in effect in a merging association may with the approval of  the commissioner and the board of the receiving State association be assumed by  the receiving State association, and for purposes of the pension, persons  serving under the merging association shall be considered to have served such  employment under the receiving State association.

     L.1963, c. 144, s. 56.