17:9A-207 - Dissolution; procedure - New Jersey Statutes

17:9A-207.  Dissolution;  procedure
    A.  If the managers of a savings bank deem it advisable and in the public interest that the savings bank be dissolved, they shall, by the vote of at least   2/3   of all the managers, at a regular or at a special meeting called for the purpose upon not less than 20 days written notice, adopt a resolution to that effect.

    B.  A copy of the resolution, certified by any 2 officers of the savings bank, shall be filed in the department, together with an affidavit by such officers that the resolution was adopted in the manner prescribed by subsection  A of this section, and the commissioner shall thereupon fix a time and place  for a hearing, and shall require publication of notice of the impending  dissolution to be made in newspapers and for the period specified in section  10.

    C.  If, as a result of such hearing, and upon proof by affidavit of 2 officers of the savings bank that publication of the notice has been made pursuant to subsection B of this section, the commissioner shall determine that  it is in the public interest that the savings bank be dissolved, he shall make  an order accordingly, to be filed in the department, and shall designate a date  in such order upon which the dissolution shall become effective.

    D.  On and after that date so fixed by the commissioner, the savings bank shall be dissolved, and it shall transact no further business except that concerned with the winding up of its affairs.  Upon its dissolution pursuant to  this section, or pursuant to section 17, or pursuant to any other law of this  State, the managers shall become trustees in dissolution, and the savings bank,  its managers and creditors, including depositors, shall be subject to the  provisions of chapter  12 of Title 14A of the New Jersey Statutes to the extent  that such provisions are not inconsistent with this act.

     L.1948, c. 67, p. 345, s. 207. Amended by L.1969, c. 244, s. 8, eff. Dec. 23,  1969.