New Jersey Administrative Code
Title 3 - BANKING
Chapter 32 - CONVERSIONS OF ASSOCIATIONS
Subchapter 3 - MUTUAL STATE ASSOCIATION HOLDING COMPANIES
Section 3:32-3.8 - Division of surplus
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The board of a mutual state association holding company may, by a majority vote of the directors, divide any surplus which is in excess of the amount required for the operations of the mutual state association holding company and which is not necessary to maintain the safety and soundness of the mutual state association holding company, and may distribute this surplus to the depositors of its subsidiary capital stock state association or associations. All such distributions shall be made equitably based on the amount deposited by each depositor in the mutual state association or associations.
(b) The Commissioner may, if he or she deems the surplus held by a mutual state association holding company to be excessive, either upon petition or on the Commissioner's own initiative, order the state association holding company to distribute the surplus to the depositors of the subsidiary capital stock state association or associations.
