New Jersey Administrative Code
Title 3 - BANKING
Chapter 33 - PROPOSED INTERSTATE ACQUISITION
Subchapter 1 - DETERMINATION OF ELIGIBILITY
Section 3:33-1.2 - Content of application

Universal Citation: NJ Admin Code 3:33-1.2

Current through Register Vol. 56, No. 6, March 18, 2024

(a) Any out-of-State insured savings association or out-of-State savings and loan holding company proposing to acquire and retain control of a New Jersey insured savings association or a New Jersey savings and loan holding company pursuant to 17:12B-278 et seq. shall submit an application to the Commissioner. The application shall comply with 17:12B-279 and shall contain the following information:

1. The name and location of the applicant;

2. The name and location of each New Jersey insured savings association or New Jersey savings and loan holding company to be acquired;

3. Certified copies of:
i. The board resolution of the applicant authorizing the proposed acquisition of each New Jersey insured savings association or New Jersey savings and loan holding company; and

ii. The board resolution of each New Jersey insured savings association or New Jersey savings and loan holding company approving the proposed acquisition if such approval has been adopted;

4. A schedule reflecting the name, location and total aggregate deposits of each savings and loan subsidiary of the applicant, as of the date of the last thrift financial report required by the Department;

5. Copies of the current reciprocal legislation of each of the states in which a savings and loan subsidiary of the applicant is located;

6. A listing of any limitations or restrictions on the acquisition or ownership of an insured savings association or savings and loan holding company in the state in which the applicant is located that would be imposed on the acquisition of an insured savings association or savings and loan holding company in that state by a New Jersey insured savings association or New Jersey savings and loan holding company;

7. The name and location of any out-of-State savings and loan holding company that has direct or indirect control of the applicant. A controlling out-of-State insured savings association or out-of-State savings and loan holding company shall submit the information which is prescribed in the application to assist the Commissioner in determining whether the controlling out-of-State insured savings association or savings and loan holding company is an eligible insured savings association or eligible savings and loan holding company;

8. If the applicant has formally filed for the acquisition of any additional insured savings association subsidiaries with the State of New Jersey or with any agency of another state or of the Federal government, the applicant shall submit to the Commissioner the information required by those applications; and

9. The applicant shall submit a statement that it will notify the Commissioner in the event it subsequently obtains or divests control of any insured savings association or savings and loan holding company, or if another insured savings association or savings and loan holding company obtains direct or indirect control of the applicant.

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