17:14A-31 - Branch offices; failure to open and operate - New Jersey Statutes

17:14A-31.  Branch offices;  failure to open and operate
    The failure of a safe deposit company to open and operate a branch office within six months after the commissioner approves the application therefor shall automatically terminate the right of safe deposit company to open the branch office, and it shall make no further application to establish a branch office at the location, or in the area which would be served by a safe deposit company doing business at the location, until after the expiration of one year from the date of such approval;  except that, for good cause shown, the commissioner may, in his discretion, on application of the safe deposit company  made before the expiration of the six months period, extend for additional  periods, not in excess of six months each, the time within which the branch  office may be opened.

     L.1983, c. 566, s. 17:14A-31.