17:9A-27.4 - Adoption of plan; scope of plan - New Jersey Statutes

17:9A-27.4.  Adoption of plan;  scope of plan    A.  If the original or amended certificate of incorporation of a bank other  than a savings bank so provides, a plan or plans may be adopted and maintained  by such bank pursuant to resolution of its board of directors; otherwise, such  bank may adopt and maintain a plan or plans only with the approval of a  majority in interest of its stockholders.

    B.  A savings bank may adopt and maintain a plan or plans pursuant to a resolution of its board of managers.

    C.  The officers and employees of a subsidiary of a bank may be included in  a retirement plan of a bank with the same effect as if such officers and employees were employed by the bank, or upon such other terms and provisions as  the plan may provide;  but, in such case, all employer contributions and other  employer charges required to be made or paid to a fund by reason of the inclusion of the officers and employees of a subsidiary shall be made or paid by the subsidiary.

     L.1953, c. 124, p. 1312, s. 4.  Amended by L.1962, c. 234, s. 1, eff. Feb. 9,  1963.