New Jersey Administrative Code
Title 3 - BANKING
Chapter 11 - INVESTMENTS
Subchapter 12 - SAVINGS BANKS: COMMERCIAL LOANS
Section 3:11-12.4 - Commissioner approval
Universal Citation: NJ Admin Code 3:11-12.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Within 30 days of receipt of a completed application, the Commissioner shall approve the application and designate the limited or unlimited amount approved, provided it is found that:
1. The savings bank is being
operated in a safe and sound manner;
2. The savings bank has capital equal to that
required from time to time by the Board of Governors of the Federal Reserve
System for a bank chartered under the laws of a state of the United States
which is a member of the Federal Reserve System and said capital shall be
calculated in accordance with generally accepted accounting principles as
applied to banks;
3. The savings
bank is competently managed; and
4.
The savings bank has demonstrated satisfactory experience and expertise in
making commercial loans.
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