New Jersey Administrative Code
Title 3 - BANKING
Chapter 32 - CONVERSIONS OF ASSOCIATIONS
Subchapter 2 - CONVERSION OF AN ASSOCIATION TO A SAVINGS BANK
Section 3:32-2.3 - Application for conversion

Universal Citation: NJ Admin Code 3:32-2.3

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

(a) An application for a conversion from an association to a savings bank shall contain the following:

1. A certified copy of the resolution of the board of directors authorizing the conversion;

2. A certified copy of the resolution adopted by the stockholders or members relating to the plan of conversion, containing the following information:
i. The total number of votes eligible to be cast;

ii. The total number of votes represented in person or by proxy at the special meeting;

iii. The total number of votes cast in favor and against each matter; and

iv. The percentage of votes cast in favor and against each matter.

3. A certificate of incorporation for the new savings bank; and

4. Copies of all applications for Federal regulatory approval and all approvals required in connection with the conversion, or, if no application or approval is required, a statement or opinion of counsel to that effect.

(b) The Commissioner may require the applicant to supply one or more of the following items:

1. Biographical information for any of the incorporators and/or directors on forms approved by the Commissioner;

2. A completed form from the New Jersey State Police requesting criminal history record information for any director and/or incorporator, along with a cashier's check, certified check or money order for the applicable amount, payable to the "Division of State Police--S.B.I.";

3. A copy of the association's most recent quarterly financial report; and

4. A business plan and financial projections for the converted savings bank for the next three years. Projections shall include a consolidated balance sheet and a profit and loss statement projected for the end of each year.

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