17:16J-3 - Directing of acquisition or merger; authority of commissioner - New Jersey Statutes

17:16J-3.  Directing of acquisition or merger;  authority of commissioner
    The commissioner shall have the authority to direct a depository to merge into or be acquired by another depository or a company only if the depository to be merged or acquired meets one of the following tests:

    a.  The depository has, in the opinion of the commissioner, a ratio of capital stock, surplus, undivided profits, and reserves to total assets which is declining to the extent that the ratio would reach a level of 1% or less within the ensuing 12 months;  or

    b.  The depository does not have sufficient funds, as determined by the commissioner, to meet the liabilities and obligations of the depository during the ensuing 6 months.

     L.1982, c. 8, s. 3, eff. March 4, 1982.