17:9A-408 - Amended certificate of incorporation - New Jersey Statutes

17:9A-408.   Amended certificate of incorporation     In the event that the board of managers elects to follow the procedures provided in subsection b. of section 7 of this act, the managers shall, with the approval of the commissioner:

   a.   Adopt an amended certificate of incorporation which changes the name of the organizing mutual savings bank and conforms its organization, governance and powers to those prescribed for a mutual savings bank holding company by section 8 and sections 10 through 15 of this act.

   b.   The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state:

   (1)  The amount of capital deposits and surplus which are to be retained by the organizing mutual savings bank holding company;

   (2)  The amount of assets and liabilities of the organizing mutual savings bank that are to be transferred to the subsidiary capital stock savings bank; and

   (3)  A means of retaining any interests of the respective depositors of the organizing mutual savings bank in the assets of the organizing mutual savings bank, according to a fair valuation, including assets which are proposed to be retained by the organizing mutual savings bank holding company.

   L. 1987, c. 201, s. 27.