17:14A-54 - Control of safe deposit company; "control" defined - New Jersey Statutes

17:14A-54.  Control of safe deposit company;   "control"  defined
    As used in R.S. 17:14A-53,  "control"  means the possession, directly or indirectly, of the power to direct or cause the direction of the management and  policies of a safe deposit company, whether by means of the ownership of the  stock or equity interests of the safe deposit company by means of a contractual  arrangement, or otherwise.  Control shall be presumed to exist if any person or  company, directly or indirectly, owns, controls or holds with power to vote 10%  or more of the stock of the safe deposit company or of any company which owns,  controls or holds with power to vote 10% or more of the stock of the safe  deposit company, but a person shall not be deemed to control a safe deposit  company solely by reason of his being an officer or director of the safe  deposit company.

     L.1983, c. 566, s. 17:14A-54.