New Jersey Administrative Code
Title 3 - BANKING
Chapter 32 - CONVERSIONS OF ASSOCIATIONS
Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION
Section 3:32-1.3 - Conversion; general
Universal Citation: NJ Admin Code 3:32-1.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) A State chartered association making such conversion shall comply with the following conditions and procedures:
1. Any plan for conversion shall be approved by two-thirds of the board of such association, and a resolution shall be adopted to that effect;
2. A preliminary application for approval of conversion with a proxy statement and a proxy form shall be submitted to the commissioner who shall determine that:
i. The plan of conversion has been adopted and approved by the board of directors;
ii. The plan of conversion is fair and equitable to all members;
iii. Sufficient provision has been made to protect the interest of the depositors of the prospective capital stock association;
(b) If the preliminary application for approval of conversion is deemed acceptable by the Commissioner, he or she shall issue a notice of intent to approve subject to the affirmative vote of a majority of eligible members and compliance with the conditions prescribed in the conversion provisions of 17:12B-1 et seq. and this regulation.
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