reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:12B-316 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-316 - Merger or purchase or retention of assets and assumption of liabilities

17:12B-316. Merger or purchase or retention of assets and assumption of liabilities  a. A subsidiary capital stock state association may, pursuant to a plan of merger approved by the commissioner, merge with the organizing mutual state association or, pursuant to a plan of consolidation approved by the commissioner, purchase or retain the assets and assume the liabilities of the organizing mutual state association, whereupon the organizing mutual state association shall dissolve pursuant to the provisions of Article XVIII of P.L.1963, c.144 (C.17:12B-228 et seq.).  b. Upon the merger of the organizing mutual state association with the subsidiary capital stock state association or the purchase and assumption of the liabilities of the organizing mutual state association: (1) The corporate existence of the organizing mutual state association shall be merged with that of the subsidiary capital stock state association, and the property and rights of the organizing mutual state association shall vest in the subsidiary capital stock state association without further word or deed;  (2) The subsidiary capital stock state association may, upon complying with the minimum surplus requirements established by law or regulation, establish and maintain its principal office and branch offices at the locations specified in the plan of merger or consolidation;  (3) The rights and obligations of the organizing mutual state association shall become the rights and obligations of the subsidiary capital stock state association; and (4) Any pending action by or against an organizing mutual state association or a subsidiary capital stock state association shall survive the merger or consolidation and the subsidiary capital stock state association shall be substituted as a party for the organizing mutual state association.  c. The plan of merger or consolidation shall provide that each depositor in the organizing mutual state association shall receive an equivalent account in the subsidiary capital stock state association. L.1989,c.165,s.25.
NJ Rev Stat § 17:12B-317 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-317 - Alternative to formation of subsidiary

17:12B-317. Alternative to formation of subsidiary  As an alternative to the formation of a subsidiary capital stock state association pursuant to the provisions of sections 16 through 24 of this act, an organizing mutual state association which has established a mutual state association holding company pursuant to sections 7 through 15 of this act may, in accordance with a plan approved by the commissioner, convert to a capital stock state association pursuant to the provisions of P.L.1974, c.137 (C.17:12B-244 et seq.), except that:  a. Not less than a majority of the shares of the converted state association shall be held in the name of the mutual state association holding company; and b. Any Department of Banking regulations promulgated pursuant to P.L.1974, c.137 (C.17:12B-244 et seq.) regarding a liquidation account shall not apply. L.1989,c.165,s.26.
NJ Rev Stat § 17:12B-318 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-318 - Contents of amended certificate of incorporation

17:12B-318. Contents of amended certificate of incorporation  In the event that the board of directors elects to follow the procedures provided in paragraph (2) of subsection c. of section 7 of this act, the directors shall, with the approval of the commissioner:  a. Adopt an amended certificate of incorporation which changes the name of the organizing mutual state association and conforms its organization, governance and powers to those prescribed for a mutual state association holding company by section 8 and sections 10 through 15 of this act.  b. The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state: (1) The amount of capital deposits and surplus which are to be retained by the organizing mutual state association holding company; (2) The amount of assets and liabilities of the organizing mutual state association that are to be transferred to the subsidiary capital stock state association; and (3) A means of retaining any interests of the respective members of the organizing mutual state association in the assets of the organizing mutual state association, according to a fair valuation, including assets which are proposed to be retained by the organizing mutual state association holding company.  L.1989,c.165,s.27.
NJ Rev Stat § 17:12B-319 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-319 - Rules, regulations

17:12B-319. Rules, regulations  The commissioner may promulgate rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), as may be necessary to effectuate the purposes of this act.  L.1989,c.165,s.28.
NJ Rev Stat § 17:13-72 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-72 - Repeal

17:13-72. Repeal  Sections 17:13-1 to section 17:13-25 inclusive of the Revised Statutes are hereby repealed and all laws and parts of laws inconsistent with or repugnant to the provisions of this act are hereby repealed. L.1938, c. 293, p. 667, s. 47.
NJ Rev Stat § 17:13-73 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73 - Corporate central credit union; membership; voting representatives

17:13-73. Corporate central credit union; membership; voting representatives  A. One hundred or more credit unions operating under provisions of this act, or operating in this State under the provisions of the federal Credit Union Act may organize a nonprofit single corporate central credit union whose membership shall be limited to: (1) Credit unions operating under the provisions of this act or operating in this State under the provisions of the federal Credit Union Act, and organizations composed of such credit unions; (2) Employees of the corporate central credit union; (3) Employees of the New Jersey Credit Union League; (4) Persons who are members of credit unions in this State which have entered or are about to enter into voluntary or involuntary dissolution or liquidation; (5) Children of members of any New Jersey credit union which does not provide educational loan services, may, with the approval of such credit union, become members of the corporate central credit union for the sole purpose of securing educational loans which are guaranteed by a State or federal agency, and such membership shall terminate when the educational loan is repaid; (6) Employees of small business groups defined as having less than 100 people, which groups are located in the State of New Jersey; (7) Any agency or association organized as a stock company, mutual association or membership corporation, or trade association which is organized to service or assist credit unions; (8) Central credit unions operating under the provisions of the federal Credit Union Act or under the laws of any state of the United States and credit unions operating in any other state of the United States. b. Each credit union, credit union organization, or association becoming a member of the corporate central credit union shall designate one member authorized by the board of directors as the voting representative of the credit union. Such voting representative is eligible for office in the corporate central credit union in the same manner as if he were a member thereof. c. (Deleted by amendment, P.L.1984, c. 171.) d. (Deleted by amendment, P.L.1984, c. 171.) e. (Deleted by amendment, P.L. , c. .) f. (Deleted by amendment, P.L. , c. .) L.1968, c. 196, s. 10, eff. July 19, 1968. Amended by L.1977, c. 232, s. 9, eff. Sept. 23, 1977; L.1984, c. 171, s. 49, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.1 - Purposes of corporate central credit union; application of Credit Union Act of 1984

17:13-73.1. Purposes of corporate central credit union; application of Credit Union Act of 1984  The corporate central credit union shall subject to all parts of "The Credit Union Act of 1984," P.L.1984, c. 171, sections 2 to 46 (C. 17:30-80 to C. 17:13-124) not inconsistent with these amendatory and supplementary sections. A corporate central credit union shall be a nonprofit association, the purpose of which is: a. To assist in the management of the liquidity of its member credit unions through interlending and investment and related services; b. To act as an intermediary for the movement of credit union funds between member credit unions and other corporate credit unions; c. To obtain funds from other credit union organizations, financial intermediaries, and other sources; d. To foster and promote, in cooperation with other state, regional, and national central credit unions and credit union organizations or associations, the economic security, growth and development of member credit unions; and e. To perform any other financial services or benefit to its members which are authorized by the commissioner. L.1984, c. 171, s. 50, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.2 - Powers

17:13-73.2. Powers  The corporate central credit union shall have the power to: a. Accept shares or deposits from its members, other state, regional or national corporate credit unions, and credit union organizations or associations; b. Make loans to credit unions, to other state, regional or national corporate credit unions, organizations or associations of credit unions, and to other members; c. Establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors of the corporate central credit union; d. Invest in the shares of, or make deposits in, credit unions; e. Buy and sell any form of marketable debt obligations of domestic or foreign corporations or of federal, state or local governments or other instrumentalities; f. Borrow from any source, without limitation, accept demand deposits from any source, and issue notes or debentures; g. Acquire or sell the assets and assume the liabilities of a member; h. Enter into agreements with credit unions to discount or purchase loans made pursuant to government guaranteed loan programs, real estate loans made by members, or any obligations of the United States or any agency thereof held by members; and i. Exercise any powers or privileges conferred upon a federal corporate credit union, subject to the approval of the commissioner. L.1984, c. 171, s. 51, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.3 - Agreements; purposes

17:13-73.3. Agreements; purposes  The corporate central union may enter into agreements for the purpose of: a. Participating in any state or federal central liquidity facility or central financial system for credit unions; b. Aiding credit unions in establishing concentrated lines of credit with other financial institutions; and c. Acting as a depositor and transmitter of funds to carry out these agreements. L.1984, c. 171, s. 52, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.4 - Setoff against accounts of members; lien on accounts; security for loans

17:13-73.4. Setoff against accounts of members; lien on accounts; security for loans  The corporate central union shall have a right of immediate setoff against the balances of the share and deposit accounts of each member for any amounts due from the member to the corporate central credit union. The corporate central credit union shall have a lien on all share and deposit accounts of each member in the amount of the total indebtedness of the member to the corporate central credit union. The lien created herein shall attach to those accounts and be effective whenever the member is indebted to the corporate central credit union. The lien shall have priority over any interests of all members and unsecured creditors of the member credit unions of the corporate central credit union. The board of directors of the corporate central credit union may require and accept additional security for loans to a member in the form of a pledge, assignment, hypothecation or mortgage of any assets of the member or a guarantor. L.1984, c. 171, s. 53, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.5 - Meetings

17:13-73.5. Meetings  a. The board of the corporate central credit union shall meet at least every 30 days as provided in the bylaws. b. The annual meeting of the members of the corporate central credit union shall be held at such time as prescribed in the bylaws. Each corporate member shall be entitled to one vote irrespective of the number of shares held by the member. L.1984, c. 171, s. 54, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.6 - Reserve requirements

17:13-73.6. Reserve requirements  The corporate central credit union shall be exempt from the regular reserve requirements of this act, but shall be required to establish and maintain a reserve to meet losses, in accordance with regulations prescribed by the commissioner. L.1984, c. 171, s. 55, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-73.7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-73.7 - Exemption from insurance requirements of Credit Union Act of 1984

17:13-73.7. Exemption from insurance requirements of Credit Union Act of 1984  The corporate credit union shall be exempt from the share and deposit insurance requirements of "The Credit Union Act of 1984," P.L.1984, c. 171 sections 2 to 46 (C. 17:13-80 to C. 17:13-124). L.1984, c. 171, s. 56, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-74 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-74 - Conversion to or from a federal credit union

17:13-74. Conversion to or from a federal credit union  A credit union organized under the provisions of this act may convert to operation as a Federal Credit Union, or a Federal Credit Union may convert to a credit union operating under the provisions of this act, without undergoing dissolution or liquidation. L.1968, c. 196, s. 11, eff. July 19, 1968.
NJ Rev Stat § 17:13-75 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-75 - Insurance; exception

17:13-75. Insurance; exception  Within 1 year of the effective date of this act, every credit union incorporated under the act to which this act is a supplement shall, as a condition of its authority to do business in this State, apply for insurance on shares and deposits as provided by the National Credit Union Administration under Title II of the Federal Credit Union Act, Pub.L. 91-468 (12 U.S.C. s. 1781 et seq.), or alternatively, a form and amount of comparable insurance approved by the Commissioner of Banking. This requirement does not apply to a credit union with shares, deposits, debt and equity capital consisting primarily of funds from other credit unions. The commissioner may establish by regulation which credit unions shall qualify for this exception to the requirement for insurance. L.1982, c. 86, s. 1, eff. July 23, 1982.
NJ Rev Stat § 17:13-76 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-76 - Failure to apply or denial of commitment for insurance; extension of time

17:13-76. Failure to apply or denial of commitment for insurance; extension of time  A credit union which has failed to apply or which has been denied a commitment for such insurance shall within 60 days of the denial of the commitment or 1 year after the date of enactment, whichever is earlier, commence steps to liquidate, or merge with an insured credit union, or apply in writing to the commissioner for an extension of time to obtain an insurance commitment. The commissioner may grant one or more extensions of time, but not exceeding 1 year in the aggregate, for the credit union to obtain an insurance commitment if there is satisfactory evidence that the credit union has made or is making a substantial effort to achieve the financial condition necessary to effectuate an issuance of an insurance commitment. L.1982, c. 86, s. 2, eff. July 23, 1982.
NJ Rev Stat § 17:13-77 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-77 - Charter; necessity of insurance

17:13-77. Charter; necessity of insurance  No credit union shall be granted a charter by the commissioner on or after the effective date of this act, unless the credit union has obtained a commitment for insurance of its member shares and deposit accounts. L.1982, c. 86, s. 3, eff. July 23, 1982.
NJ Rev Stat § 17:13-78 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-78 - Reports of financial condition and examination reports

17:13-78. Reports of financial condition and examination reports  The commissioner may make available reports of financial condition and examination reports to the National Credit Union Administration or to any qualified insuring organization and may accept any report of examination made on behalf of such agency or organization. The commissioner may appoint an official of the National Credit Union Administration or any qualified insuring organization as liquidating agent of an insured credit union. L.1982, c. 86, s. 4, eff. July 23, 1982.
NJ Rev Stat § 17:13-79 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-79 - Short title

17:13-79. Short title  Sections 2 through 46 of this act shall be known and may be cited as "The Credit Union Act of 1984." L.1984, c. 171, s. 1, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-80 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-80 - Definitions

17:13-80. Definitions  For the purposes of this act: a. "Board" means the board of directors of the credit union. b. "Commissioner" means the Commissioner of Banking. c. "Credit union" means any organization incorporated under the provisions of this act, or the laws of another state or the "Federal Credit Union Act," 48 Stat. 1216 (12 U.S.C. s. 1751 et seq.), which is a cooperative association organized for the purpose of promoting thrift among its members and creating a fund which will establish a source of credit for them for provident or productive purposes. d. "Director" means a member of the board of directors. e. "Member" means an owner of a share, deposit, or certificate in a credit union. L.1984, c. 171, s. 2, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-81 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-81 - Incorporation of credit union; application; fee; certificate of incorporation.

17:13-81 Incorporation of credit union; application; fee; certificate of incorporation.  3. a. Seven or more natural persons, all of whom are residents of this State, may incorporate a credit union on the terms and conditions provided for in this act. The incorporators shall apply to the Commissioner of Banking and Insurance, on a form supplied by the commissioner, for permission to incorporate a credit union. A certificate of incorporation, executed by the incorporators, shall be submitted with the application, as well as a fee of $50. b. The certificate shall include: (1) The proposed name of the credit union, and the street, street number, and name of the municipality in which it is to be located; (2) The name and street address of its registered agent, where process may be served; (3) The powers which the credit union proposes to exercise; (4) Any natural person, group, or organization or combination of natural persons, groups or organizations permitted pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) to which membership will be limited; (5) The number of directors proposed to serve on the board; (6) The name and address of each of the proposed members, who shall be at least 30 in number, and the number of shares subscribed by each; (7) The original par value of the shares of the corporation, which shall not be less than $5.00; and (8) Any other provision not inconsistent with this act or with the laws of this State for the regulation of the business. c. (1) The incorporators may provide in the certificate of incorporation that any group, combination of groups, organization, combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner; (2) The members of a credit union may amend the certificate of incorporation to provide that any group, combination of groups, organization or combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner. L.1984,c.171,s.3; amended 1998, c.133, s.1.
NJ Rev Stat § 17:13-82 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-82 - Disapproval of application; annexation; filing of certificate of approval.

17:13-82 Disapproval of application; annexation; filing of certificate of approval.  4. The commissioner shall disapprove the application if the commissioner finds that: a. The incorporation of the proposed credit union will not be in the public interest; b. The incorporators do not evidence character, responsibility, and general fitness; c. The provisions contained in the certificate of incorporation for the regulation of the business and the provisions creating or limiting the powers of the proposed credit union are improper provisions, or will not serve the best interest of the members of the proposed credit union; or d. The conditions of employment or other conditions prevailing in any group or organization from which the membership is to be drawn are such as to result in financial instability or otherwise render the organization of the credit union inadvisable. If the application is approved by the commissioner, the commissioner shall annex a certificate of approval, and the application shall be filed in the department. L.1984,c.171,s.4; amended 1998, c.133, s.2.