17:13-85 - Issuance of certificate of authority; transaction of business - New Jersey Statutes

17:13-85.  Issuance of certificate of authority;  transaction of business
    Within 30 days of receipt of the affidavit required by section 6 of this act, the commissioner shall issue a certificate of authority for the credit union to begin the transaction of business provided for in the certificate of incorporation if:

    a.  After an examination, he finds that the facts presented in the affidavit  are true;

    b.  The incorporators have received firm commitment of the insurance required by section 9 of this act;

    c.  The proposed directors and officers of the credit union possess the qualifications, experience, and character required for the duties and responsibilities with which they will be charged.

    Upon receipt of the certificate of authority, the credit union may begin transacting business.  The commissioner shall file a copy of the certificate of  authority with the certificate of incorporation.

     L.1984, c. 171, s. 7, eff. Oct. 31, 1984.