17:9A-407 - Conversion to capital stock savings bank - New Jersey Statutes

17:9A-407.   Conversion to capital stock savings bank
    As an alternative to the formation of a subsidiary capital stock savings bank pursuant to the provisions of sections 16 through 24 of this act, an organizing mutual savings bank which has established a mutual savings bank holding company pursuant to sections 7 through 15 of this act may, in accordance with a plan approved by the commissioner, convert to a capital stock savings bank pursuant to the provisions of P.L. 1982, c. 9 (C. 17:9A-8.1 et seq.), except that:

   a.   Not less than a majority of the shares of the converted savings bank shall be held in the name of the mutual savings bank holding company; and

   b.   The requirement of subsection g. of section 14 of P.L. 1982, c. 9 (C. 17:9A-8.14g.) that a liquidation account be established shall not apply.

   L. 1987, c. 201, s. 26.