17:9A-150 - Procedure - New Jersey Statutes

17:9A-150.  Procedure    The submission to the commissioner of the certificate of incorporation, the  plan of conversion, and the affidavit pursuant to section 149, shall constitute  an application for charter.  If the commissioner shall be satisfied that

     (1) the capital stock and surplus of the national banking association upon  its conversion pursuant to this article complies with the requirements of  section 151;

     (2) the national banking association has complied in all respects with applicable Federal law;

     (3) the matters set forth in the affidavit submitted to him pursuant to paragraph (2) of subsection B of section 149 are true;

     (4) the certificate of incorporation complies with the requirements of paragraph (2) of subsection B of section 149;

     (5) the plan of conversion contains no provisions violative of the laws of  this State;  and

     (6) the directors designated in the certificate of incorporation possess capacity and fitness for the duties and responsibilities with which they will be charged;

     he shall endorse upon or annex to the certificate of incorporation a certificate of approval, and the certificate shall thereupon be filed in the department.  Upon such filing, the subscribers to the certificate, their successors and assigns shall be a corporation, in the manner provided by, and subject to the provisions of, section 13.  The commissioner shall thereupon issue a certificate of authority in the form prescribed by section 14, and shall file a copy thereof in the department, and the bank shall be authorized to transact business.

     L.1948, c. 67, p. 290, s. 150.  Amended by L.1951, c. 41, p. 150, s. 4.