17:16M-4 - Approval of conversion by commissioner - New Jersey Statutes

17:16M-4.    Approval of conversion by commissioner       The commissioner shall not approve an application of a State association to convert to a savings bank unless the commissioner finds, after appropriate investigation, and a public hearing if deemed by the commissioner to be necessary, that the following requirements have been met: 

    a.   The application is complete;

    b.   The converting State association was insured by the Federal Deposit Insurance Corporation, and the resulting savings bank will also be insured by that agency; 

    c.   The converting State association satisfies all capital maintenance requirements for State associations set forth by the Federal Deposit Insurance Corporation, any other federal regulator and the department; 

    d.   The converting State association is not subject to any outstanding supervisory order, agreement or memorandum of understanding of the Federal Deposit Insurance Corporation, any other federal regulator or the department;

    e.   The proposed conversion will result in a savings bank that will satisfy all capital maintenance requirements for savings banks set forth by the Federal Deposit Insurance Corporation, any other federal regulator and the department; 

    f.   Directors or managers designated in the certificate of incorporation possess the qualifications, experience and character required for the duties and responsibilities with which they will be charged; and 

    g.   The interests of the State association's depositors and creditors, and the public generally, will not be jeopardized by the proposed conversion.

    L.1991,c.42,s.4.