17:16E-6 - Bank holding companies and financial institutions with common ownership; inapplicability of act - New Jersey Statutes

17:16E-6.  Bank holding companies and financial institutions with common ownership;  inapplicability of act
    Nothing in this act shall prevent a person who is a director or officer of a  bank holding company from being a director or officer of any one or more banks  which are subsidiaries of such company, nor shall anything in this act prevent  a person who is a director or officer of a bank which is a subsidiary of a bank  holding company from being a director or officer of any one or more other banks  which are subsidiaries of such holding company. When there are two or more  financial institutions in which more than 50% of the stock is owned directly by  the same persons, a person who is a director or officer of any one of such  financial institutions may be a director or officer of any one or more of such  other institutions.

     L.1975, c. 265, s. 6, eff. Jan. 1, 1976.