17:9A-180.3 - Additional limitation on investments in such corporate interest bearing securities - New Jersey Statutes

17:9A-180.3.  Additional limitation on investments in such corporate interest bearing securities
    No savings bank shall make an investment pursuant to this act at any time when the total of all such investments exceeds, or if the making of such investment would cause such total to exceed 75% of the aggregate of its surplus, undivided profits and unallocated reserves.  As used in this section, the aggregate of the surplus, undivided profits and unallocated reserves shall be that amount as shown as the total surplus accounts in the latest report of condition made and filed as required by section 256(A), of the Banking Act of 1948.

     L.1951, c. 167, p. 644, s. 3.  Amended by L.1958, c. 152, p. 667, s. 1; L.1966, c. 270, s. 1, eff. Sept. 6, 1966.