17:16E-4 - Rules and regulations; waiver of prohibition; determination of adjacent municipalities - New Jersey Statutes

17:16E-4.  Rules and regulations;  waiver of prohibition;  determination of  adjacent municipalities
    The Commissioner of Banking shall, in accordance with the "Administrative Procedure Act,"  P.L. 1968, c. 410 (C. 52:14B-1 et seq.), make and issue such rules and regulations as are necessary or appropriate to enforce the provisions  of this act and effectuate its purpose.  The Commissioner of Banking may, upon  formal application and for good cause shown, waive the application of this  prohibition if special circumstances warrant such action and when such waiver  is in the public interest, for a period of 2 years.  In establishing criteria  for determining when municipalities are adjacent to one another for the  purposes of section 2(d) of this act, the Commissioner of Banking shall  consider the prohibition on interlocking relationships among banks which is  imposed by Federal law, regulation, rule or practice on banks which are members  of the Federal reserve system.

     L.1975, c. 265, s. 4, eff. Jan. 1, 1976.