New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION
Section 3:21-3.8 - Discontinuance of a branch
Universal Citation: NJ Admin Code 3:21-3.8
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A State-chartered credit union that has received approval pursuant to this subchapter to establish a branch may discontinue the branch upon resolution of its board of directors. Upon the adoption of such a resolution, the credit union shall file a certificate with the Department specifying the location of the branch to be discontinued, and the date upon which the discontinuance shall be effective.
(b) The failure of a credit union to open and operate a branch within one year after the Commissioner approves the application shall automatically terminate the right of the credit union to open the branch.
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