17:9A-397 - Incorporation of subsidiary bank - New Jersey Statutes

17:9A-397.   Incorporation of subsidiary bank
    The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company.  They shall issue a certificate of incorporation stating:

   a.   The name by which the subsidiary capital stock savings bank shall be known;

   b.   The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located;

   c.   The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank;

   d.   The number of directors on the board of directors;

   e.   The names of the persons who will serve as directors until their successors are elected and qualified;

   f.   The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and

   g.   The amount of surplus with which the subsidiary capital stock savings bank will commence business.

   L. 1987, c. 201, s. 16.