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 3:32-1.5 - Voting in person or by proxy

Universal Citation: NJ Admin Code 3:32-1.5

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

(a) Every proxy shall be executed and dated by the member or his agent and filed with the secretary of the association not later than the commencement of the scheduled meeting.

(b) A proxy shall be revocable at will; however the presence of the member at the meeting of the members shall not revoke such proxy unless the member files a written notice of such revocation with the secretary of the meeting prior to the voting of such proxy.

(c) A proxy shall not be revoked by the death or incapacity of the member but such proxy shall continue in force until revoked by the legally constituted or appointed representative or guardian of the member.

(d) The proxies shall be valid only for the meeting at which a conversion plan will be voted upon.

(e) Requirements as to proxy forms:

1. Shall indicate in boldface type whether proxy is solicited on behalf of management;

2. Shall provide specifically designated blank spaces for dating and signing the proxy;

3. Shall clearly identify each matter or group of related matters to be voted upon;

4. Shall be clearly labeled "revocable proxy" in boldface type;

5. Shall contain an acknowledgement by the person giving the proxy that he has received a proxy statement prior to signing the proxy form;

6. Shall contain the date, time and place of meeting;

7. Shall provide by a box, or otherwise, a means whereby a person solicited can indicate his choice between approval or disapproval of each matter to be acted upon;

8. Shall indicate in boldface type how the proxy shall be voted on each matter where no choice is specified;

9. Shall clearly show the procedure for revocation of proxy set forth in subsection (b) of this section.

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