New Jersey Administrative Code
Title 3 - BANKING
Chapter 13 - BANK HOLDING COMPANIES
Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES
Section 3:13-5.6 - Officers

Universal Citation: NJ Admin Code 3:13-5.6

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The board of directors of a mutual savings bank holding company at the first meeting following each annual meeting may elect a Chairman of the Board and shall elect a President, both of whom shall be directors. The board of directors shall select the Chairman of the Board, President or another officer who is a director to be the chief executive officer. The board of directors shall also appoint a Secretary and a Treasurer, neither of whom need be directors.

(b) A mutual savings bank holding company may pay its officers any reasonable compensation as may be from time to time fixed by the board of directors. The Commissioner may direct that the amount of compensation paid to officers be reduced if it is deemed to be excessive. The Commissioner shall consider the duties, experience, education and responsibilities of the officer, and any other relevant factors, when making this determination.

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