New Jersey Administrative Code
Title 3 - BANKING
Chapter 21 - CREDIT UNIONS
Subchapter 4 - CREDIT UNION MERGERS
Section 3:21-4.1 - Merger standards
Universal Citation: NJ Admin Code 3:21-4.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) In approving a certificate and plan of merger under 17:13-110, the Commissioner of Banking and Insurance shall make the following determinations:
1. The continuing credit union has a high
likelihood of operating in a safe and sound manner following the
merger;
2. The management of the
continuing credit union has sufficient expertise to operate the credit union
following the merger;
3. In the
case of a merger involving a group or multi-group credit union and a community
credit union, the continuing credit union has designated whether the group or
multi-group credit charter shall survive as the operating charter, or whether
the community charter shall survive as the operating charter; and
4. In the case of a merger involving a
community credit union, the community does not exceed a well-defined
neighborhood, local community or rural district which is interpreted as not
exceeding what would be permitted under the Community Charter Requirements of
the National Credit Union Administration.
(b) Following the merger, the continuing credit union may take new members from any of the fields of the combined credit union, may add additional fields of membership pursuant to 17:13-92, or may merge with another credit union pursuant to 17:13-110.
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