17:14A-18 - Certificate of authority to transact business - New Jersey Statutes

17:14A-18.  Certificate of authority to transact business
    The commissioner shall issue a certificate of authority to a safe deposit company in which it shall be stated that the safe deposit company therein named  has complied with the provisions of this chapter and is authorized to begin the  transaction of business specified in the certificate of incorporation when he  shall have verified by examination that:

    a.  The certificate of incorporation has been filed as provided in R.S. 17:14A-15;

    b.  The entire capital stock as stated in the certificate of incorporation has been fully paid in cash, unconditionally and without reservation;

    c.  The cash paid in or the capital stock is on deposit in a banking institution in this State, without offset, claim or demand whatsoever, and subject to withdrawal upon demand;  and

    d.  Proof to the satisfaction of the commissioner that the proposed officers  of the safe deposit company who will have control or supervision of the  company's operations possess the qualifications, experience and character required for the duties and responsibilities with which they will be charged.

    A copy of the certificate of authority shall be filed in the department.

     L.1983, c. 566, s. 17:14A-18.