17:52-18 - Banks and trust companies; powers - New Jersey Statutes

17:52-18.  Banks and trust companies;  powers
    Every bank and trust company organized under the laws of this State shall have power to become a member and a stockholder of a business development corporation, but a bank or trust company which is not a member of such a corporation shall not hold any stock of the corporation.  No such bank or trust  company shall become a member of more than 1 business development corporation,  or hold stock in more than 1 such corporation, and no such bank or trust  company shall invest more than 10% of its capital stock and surplus in the  stock of any such corporation.  Banks and trust companies which are not members  of a business development corporation may invest in the obligations of any such  corporation or corporations, but the aggregate amount so invested shall not  exceed 10% of the capital and surplus of any such bank or trust company.

     L.1957, c. 218, p. 761, s. 18.