reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:12B-242 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-242 - Separability; partial invalidity

17:12B-242. Separability; partial invalidity  If any provision of this act, or the application thereof to any person, is held invalid, the remaining provisions of this act, and the application of such provision to any other person, shall not be invalidated or affected thereby. L.1963, c. 144, s. 242.
NJ Rev Stat § 17:12B-243 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-243 - Effective date

17:12B-243. Effective date  This act shall take effect 90 days after its approval. L.1963, c. 144, s. 243.
NJ Rev Stat § 17:12B-245 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-245 - Persons who may incorporate a capital stock association

17:12B-245. Persons who may incorporate a capital stock association  Any number of persons, not less than nine, domiciled in this State and citizens of the United States, hereinafter referred to as incorporators, may incorporate a capital stock association for the purposes specified in this act, by complying with the terms, conditions and procedures herein stated. L.1974, c. 137, s. 16, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-246 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-246 - Contents of certificate of incorporation of a capital stock association

17:12B-246. Contents of certificate of incorporation of a capital stock association  The incorporators shall personally sign a certificate of incorporation which shall state: a. The name of the State association and the location of its principal place of business, which shall comply with subsection (1) of section 14 (C. 17:12B-14) of this act. b. That it is incorporated to operate as a capital stock association, pursuant to this act for the purposes herein stated. c. The name, residence (including street and number, if any), post-office address and occupation of each incorporator. d. The aggregate number of shares of capital stock which the capital stock association shall have authority to issue; if such shares are to consist of one class only, the par value of each of such shares, or a statement that all of such shares are without par value; if the shares are divided into classes, or into classes and series, the designation of each class and series, the number of shares of capital stock in each class or series, and a statement of the relative rights, preferences and limitations of the shares of capital stock of each class and series to the extent that such designations, numbers, relative rights, preferences and limitations have been determined; if the shares of capital stock are or are to be, divided into classes, or into classes or series, a statement of any authority vested in the board to divide the shares into classes or series or both, and to determine or change for any class or series its designation, number of shares, relative rights, preferences and limitations. e. The number of directors constituting the first board to serve until the first annual meeting of the association and the names and addresses of the persons who are to serve as such directors. f. The number of shares subscribed for by each incorporator and the total amount of capital stock subscribed for as of the date of the certificate of incorporation. L.1974, c. 137, s. 17, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-247 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-247 - Filing of certificate of incorporation of capital stock association

17:12B-247. Filing of certificate of incorporation of capital stock association  The certificate of incorporation shall be filed in accordance with the provisions of sections 16 (C. 17:12B-16) and 17 (C. 17:12B-17) of this act. L.1974, c. 137, s. 18, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-248 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-248 - Capital stock and surplus

17:12B-248. Capital stock and surplus  In the case of an application for the incorporation of a capital stock association, the proceeds from the sale of the capital stock having par value shall be set apart to the extent of the par value and shall be maintained as the stated capital of the association. The proceeds from the sale of capital stock without par value shall be set apart to the extent provided in the certificate of incorporation as approved by the commissioner and shall be maintained as the stated capital of the association. No loan shall be made by a capital stock association secured in any manner by its stock. The commissioner shall determine the minimum amount to be set apart from the proceeds of stock to be subscribed and maintained as the stated capital of the capital stock association, with provision made for full payment therefor in cash. In addition, a capital surplus account shall be established for such association in an amount satisfactory to the commissioner, provided however, that in no event shall the aggregate of stated capital and capital surplus be less than $500,000.00. Such stated capital and capital surplus shall not be available for dividends or other distributions to stockholders, except upon prior written authorization of the commissioner or in the event of dissolution and final liquidation, provided, however, that the board of such association, by appropriate action, may apply all or any part of capital surplus to the reduction or write-off of any deficit arising from losses or diminution in value of its assets, or may transfer to or designate as part of the accounts authorized or required by paragraphs (a), (b) and (c) of section 128 (C. 17:12B-128) of this act, all or any part of any capital surplus. All shares of capital stock shall be transferable by the holders thereof in accordance with the bylaws of such association. L.1974, c. 137, s. 19, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-249 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-249 - Commissioner's findings as to a capital stock association

17:12B-249. Commissioner's findings as to a capital stock association  If the commissioner shall find that: a. The establishment of such capital stock association is in the public interest; b. Will be of benefit to the area proposed to be served; c. May be established without undue injury to any other association in the area in which it is proposed to locate such capital stock association; d. The capital stock association will have a reasonable prospect of success; e. The character, responsibility and general fitness of the incorporators are such as to command confidence and warrant belief that the business of the capital stock association will be honestly and efficiently conducted; f. The name proposed for the capital stock association conforms with the requirements of the act and that the proposed bylaws are proper; g. The capital stock association has filed proofs as to the mailing of notice and publication required by the act; and h. The provisions of section 19 of this amendatory and supplementary act dealing with capital stock and capital surplus requirements have been complied with to his satisfaction, and it is qualified as a member of the Federal Savings and Loan Insurance Corporation; he shall approve such application and issue a certificate of approval which shall be endorsed upon or annexed to such certificate of incorporation. L.1974, c. 137, s. 20, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-250.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-250.1 - Capital stock association official immunity

17:12B-250.1. Capital stock association official immunity  A capital stock association may with the approval of the commissioner, amend its certificate of incorporation or bylaws, by a two-thirds vote of its board present and voting at a duly convened regular or special meeting, to provide that a director or officer shall not be personally liable, or shall be liable only to the extent therein provided, to the association or its stockholders for damages for breach of any duty owed to the association or its stockholders, except that the provision shall not relieve a director or officer from liability for an act or omission: a. in breach of that person's duty of loyalty to the association or its stockholders; b. not in good faith or involving a knowing violation of law; or c. resulting in receipt by that person of an improper personal benefit. As used in this section, an act or omission in breach of a person's duty of loyalty means an act or omission which that person knows or believes to be contrary to the best interests of the association or its stockholders in connection with a matter in which he has a material conflict of interest.  The commissioner shall approve the amendment unless he finds that it unreasonably affects the interest of the stockholders.  This section shall be applicable to federal associations, in addition to State associations, to the extent permitted by federal law.  L. 1987, c. 35, s. 15; amended 1989,c.17,s.10.
NJ Rev Stat § 17:12B-251 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-251 - Directors' election, vacancies

17:12B-251. Directors' election, vacancies  The directors shall be elected by the stock holders of a capital stock association by ballot at the annual meeting for such term, not exceeding 3 years, as the bylaws provide. Where the term is more than 1 year, the bylaws shall establish terms of office so that an equal number of directors, so far as possible, shall be elected each year. A vacancy in the board may be filled by the board until the next annual meeting of the association, when it shall be filled by the stockholders of the association for the remainder of the unexpired term. Each director shall hold office for the term for which he is elected and until his successor shall be chosen and qualified. L.1974, c. 137, s. 22, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-252 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-252 - Liability of stockholders

17:12B-252. Liability of stockholders  Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock. Stock shall be considered fully paid when the consideration for the issuance of any shares of capital stock has been paid, in whole, in cash. L.1974, c. 137, s. 23, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-253 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-253 - Notice to stockholders

17:12B-253. Notice to stockholders  Except where this act or regulations promulgated hereunder expressly provide otherwise, all notices, statements, reports or other documents required to be given to any stockholder may be given to him either personally or by mail, postage prepaid, addressed to him at his last address which appears on the records of the association. Service by mail shall be complete upon posting. L.1974, c. 137, s. 24, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-254 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-254 - Meeting place.

17:12B-254 Meeting place.  25. a. Subject to subsection b. of this section, stockholders' meetings shall be held at the capital stock association's principal office or at such other place within the State of New Jersey as the board shall designate. b. Any meeting of stockholders may be held solely or in part by means of remote communication to the extent the board authorizes and adopts guidelines and procedures governing such a meeting. (1) One or more stockholders may participate in a meeting of stockholders by means of remote communication to the extent the board authorizes that participation, including the authorization of a meeting of stockholders held solely by means of remote participation. Stockholder meetings conducted in part or solely by means of remote communication and any stockholder's remote participation in those meetings shall be subject to those guidelines and procedures as the board adopts, and shall be in conformity with this subsection. (2) A stockholder participating in a meeting of stockholders by means of remote communication in reliance upon paragraph (1) of this subsection shall be deemed present in person and shall be entitled to vote at the meeting. In any meeting conducted in part or solely by means of remote communication in reliance upon paragraph (1) of this subsection, the association shall implement reasonable measures to: (a) verify that each person participating remotely is a stockholder or a proxy of a stockholder; (b) provide each stockholder participating remotely with a reasonable opportunity to participate in the meeting, including an opportunity to vote on matters submitted to the stockholders, and to read or hear the proceedings of the meeting substantially concurrently with those proceedings; and (c) record and maintain a record of any votes or other actions taken by remote communication at the meeting. L.1974, c.137, s.25; amended 2021, c.202, s.5.
NJ Rev Stat § 17:12B-255 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-255 - Meetings of stockholders

17:12B-255. Meetings of stockholders  a. Annual. The stockholders shall meet at least once in each year, as the bylaws shall provide, upon not less than 10 days' written notice, which shall be given by mail for the election of directors and the transaction of any other business which may properly be brought before such meeting. b. Special meetings of the stockholders may be called as provided in the bylaws, but upon not less than 10 days' written notice by mail, and the notice of such meeting shall state the purposes for which it is called. L.1974, c. 137, s. 26, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-256 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-256 - Quorum for stockholders' meetings

17:12B-256. Quorum for stockholders' meetings  The bylaws shall prescribe the number of stockholders which shall constitute a quorum at a meeting. L.1974, c. 137, s. 27, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-257 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-257 - Voting rights of stockholders

17:12B-257. Voting rights of stockholders  a. Each stockholder owning shares of capital stock with voting rights shall be entitled to vote at any meeting of the capital stock association. Each capital stock association shall set forth in its bylaws the voting rights of its stockholders. Each holder of shares of capital stock shall be entitled to one vote for each voting share on each matter submitted to a vote at a meeting of stockholders. b. Stockholders may vote by written proxy if the bylaws so provide and the bylaws may prohibit voting by persons who have become stockholders within 60 days of the date when the vote is cast. c. Each share of stock held jointly shall be allowed one vote. L.1974, c. 137, s. 28, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-258 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-258 - Reports to stockholders

17:12B-258. Reports to stockholders  Every capital stock association shall make available to its stockholders annually, a report of its financial condition as of the end of the fiscal year, either a. By mailing to each stockholder of record a statement of assets and liabilities, and a statement of operations; or b. By publishing a statement of its assets and liabilities at least once in a newspaper published or circulating in the municipality in which the principal office of the capital stock association is located and by furnishing to any stockholder upon request, a statement of assets and liabilities, and a statement of operations; or c. By reporting in such manner and form as may be required by regulations promulgated by the commissioner. L.1974, c. 137, s. 29, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-259 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-259 - Dividends on capital stock

17:12B-259. Dividends on capital stock  The directors of a capital stock association, after payment of interest to depositors may declare dividends on capital stock from net income, earned surplus or undivided profits in accordance with the provisions of this act and the bylaws of such association, provided that before and following the declaration of any such dividend, a capital stock association shall have reserve required by this act, including reserves and net worth which are in compliance with the regulations of the Federal Savings and Loan Insurance Corporation. L.1974, c. 137, s. 30, eff. Oct. 23, 1974. Amended by L.1981, c. 420, s. 1, eff. Jan. 9, 1982.
NJ Rev Stat § 17:12B-260 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-260 - Books and records of capital stock associations; right of inspection

17:12B-260. Books and records of capital stock associations; right of inspection  a. Each capital stock association shall keep books and minutes of the proceedings of its stockholders, board and executive committee, if any. The capital stock association shall keep at its principal office a record or records containing the names and addresses of all stockholders, the number, class and series of shares held by each and the dates when they respectively became the owners of record thereof. Any of the foregoing books, minutes or records may be in written form or in any other form capable of being converted into written form within a reasonable time. A capital stock association shall convert into written form without charge any such records in any such form upon the written request of any person entitled to inspect them. In the case of shares of stock of a capital stock association, the records of the holders of such shares may be kept at the office of the capital stock association's transfer agent within or without this State. b. Any person who shall have been a stockholder of record of a capital stock association for at least 6 months immediately preceding his demand and holding at least 5% of the outstanding shares of any class, upon at least 5 days' written demand shall have the right for any proper purpose to examine in person or by agent or attorney, during usual business hours, the minutes of the proceedings of its stockholders and records of stockholders and to make extracts therefrom, at the places where the same are kept pursuant to subsection a. of this section. c. Nothing herein contained shall impair the power of the commissioner, upon proof by a stockholder of proper purpose, irrespective of the period of time during which said stockholder shall have been a stockholder of record, and irrespective of the number of shares held by him, to compel the production for examination by such stockholder of the books, minutes and records of stockholders of a capital stock association. L.1974, c. 137, s. 31, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-262 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-262 - Plan of conversion

17:12B-262. Plan of conversion  The conversion of a mutual association into a capital stock association shall be effected in accordance with the plan of conversion adopted by the members, and approved by the commissioner, pursuant to the provisions of this act and consistent with the provisions of this section. The plan shall provide: a. Each savings member in the mutual association shall receive an equivalent account in the capital stock association equal in amount to his account in the mutual association; b. A record date for determining the respective interests of savings members in the mutual association, which date shall be established and published by the commissioner from time to time in his discretion, but not less often than annually, and may coincide, in the commissioner's discretion, with a record date if the same is established and published by the Federal Home Loan Bank Board. Such record date shall apply to the entire State; c. Participation in the initial issuance of capital stock by officers, directors and employees of the association and their associates shall be in accordance with the regulations promulgated by the commissioner. The term "associate" of a person shall mean parents, spouse, sisters, brothers, children or anyone married to one of the foregoing persons; any corporation of which the person is an officer, director or owner of more than 10% of the outstanding voting stock; any trust of which such person is a trustee or substantial beneficiary; and any partnership of which such person is a general or limited partner; d. The interests of directors, officers, employees and associates, as that word is defined in subsection c. of this section, shall be disclosed in the application for conversion filed with the commissioner and in the notice to members of the meeting called to adopt the plan of conversion; e. Each savings member as of the record date shall receive such rights with respect to the capital stock of the capital stock association as shall be set forth in regulations promulgated by the commissioner; f. A date upon which the association will advise qualified savings members of their rights and elections with respect to the conversion. Such notice shall be in accordance with regulations promulgated by the commissioner. L.1974, c. 137, s. 33, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-263 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-263 - Adequate reserve and capital requirements

17:12B-263. Adequate reserve and capital requirements  After reorganization or conversion pursuant to the provisions of this act, each capital stock association shall maintain an adequate capital structure appropriate for the conduct of its business and the protection of its depositors. The adequacy of the capital of a capital stock association shall be determined by the commissioner after a valuation of the character of management, the liquidity of assets, history of earnings and the retention thereof, the potential volatility of the account or deposit structure and with due regard to the association's capacity to furnish the broadest services to the public. The reserves required by this act and the capital of a capital stock association resulting from the conversion of a mutual association shall not be less than 5% of its savings accounts or deposits. L.1974, c. 137, s. 34, eff. Oct. 23, 1974.
NJ Rev Stat § 17:12B-265 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:12B-265 - Supervision of capital stock associations

17:12B-265. Supervision of capital stock associations  In the case of a capital stock association, with regard to the provisions of Article XII, the word "member" shall be either inclusive of stockholders of the capital stock association or shall be construed to mean stockholder wherever appropriate to the context. L.1974, c. 137, s. 36, eff. Oct. 23, 1974.