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 3:32-1.4 - Meeting of members
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Savings and/or borrowing members, as defined by the mutual association's bylaws, who are 16 years of age, or over, shall be entitled to vote at the special meeting to consider conversion to a capital stock association.
(b) The record date for determining those members eligible to vote at the special meeting called to consider the plan of conversion shall not be less than 90 days prior to the date of approval of such plan by the board of directors.
(c) A special meeting of the members shall be called by the board of directors, not later than 180 days following preliminary approval of the plan of conversion by both the Commissioner and the Office of the Comptroller of the Currency. The members shall consider and vote upon, either in person or by proxy, the following business:
(d) Upon affirmative vote of a majority of the members present either in person or by proxy determining to convert the mutual association into a capital stock association, the board of directors shall within 45 days file with the Commissioner the following documents: