reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:9-43.2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9-43.2 - Designation of nonprofit organization as recipient of funds.

17:9-43.2 Designation of nonprofit organization as recipient of funds.  5. a. Within six months of the effective date of this section, the Department of Education, in consultation with the Department of Banking and Insurance, shall designate a nonprofit corporation, organized under the "New Jersey Nonprofit Corporation Act," N.J.S.15A:1-1 et seq., and with a history and experience in promoting financial education and financial literacy and delivering financial education and financial literacy services, to serve as the recipient of the funds due from credit unions pursuant to subsection b. of this section. The designation by the department:  (1) shall include any requirements determined by the Department of Education to be necessary to insure proper oversight of the expenditure of the funds by the nonprofit corporation for financial education and financial literacy purposes; and  (2) may include a requirement that the nonprofit corporation provide funding for the high school pilot program in personal financial literacy established pursuant to section 1 of P.L.2009, c.153 (C.18A:6-115) or any expansion of that program. b. (1) The chief financial officer of a credit union that qualifies as a public depository pursuant to P.L.1970, c.236 (C.17:9-41 et seq.) shall transmit to the Department of Banking and Insurance with each fourth quarter report required annually pursuant to section 3 of P.L.1970, c.326 (C.17:9-43) a written certification that the credit union has forwarded to the nonprofit corporation designated pursuant to subsection a. of this section a sum equal to the average daily balance, if the average daily balance is in excess of $2 million, for the preceding year of the public funds on deposit at the credit union, multiplied by the appropriate factor, as determined in accordance with the following schedule: (a) an average daily balance in excess of $2 million but less than $25 million: multiply by a factor of .0005. (b) an average daily balance of $25 million or over but less than $50 million: multiply by a factor of .00075. (c) an average daily balance of $50 million or over: multiply by a factor of .0010. However, in no event, shall a credit union be required to forward a sum in excess of $100,000 in any one year. (2) The certification shall comply with any requirements determined by the department to be necessary for the calculation and transmission of such funds. c. The Department of Education may adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) any rules and regulations necessary to implement the provisions of subsection a. of this section. The Department of Banking and Insurance may adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) any rules and regulations necessary to implement the provisions of subsection b. of this section. L.2011, c.108, s.5.
NJ Rev Stat § 17:9-44 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9-44 - Amount of collateral required as security; exceptions.

17:9-44 Amount of collateral required as security; exceptions.  4. a. (1) No public depository, notwithstanding the collateral requirements set forth under section 3 of P.L.2009, c.326 (C.17:9-43.1), shall be required to maintain any eligible collateral pursuant to this act as security for any deposit or deposits of any governmental unit to the extent that such deposit or deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or by any other agency of the United States which insures deposits made in public depositories.  (2) In the case of any public depository which has not held public funds on deposit for all of a three-month period as measured pursuant to the provisions of section 3 of P.L.2009, c.326 (C.17:9-43.1), the commissioner shall, notwithstanding the provisions of that section, prescribe the amount of eligible collateral required to be maintained. (3) Depositories shall have the right to make substitutions of eligible collateral at any time. The income from eligible collateral shall belong to the public depository without restriction. b. (Deleted by amendment, P.L.2009, c.326) c. All collateral required to be maintained shall be deposited with any Federal Reserve Bank or Federal Home Loan Bank, or any other banking institution located in this State or a contiguous state as authorized by regulation of the commissioner, and which has capital funds of not less than $25,000,000.00. Notwithstanding the foregoing, the commissioner may authorize public depositories to hold and maintain the required collateral in such a manner as he deems consistent with the purposes of this act. d. The market value of eligible collateral maintained pursuant to this section on any valuation date shall be presumed to be the market value of such collateral continuing until the next succeeding valuation date. L.1970, c.236, s.4; amended 1973, c.98, s.2; 2009, c.326, s.4; 2011, c.108, s.2.
NJ Rev Stat § 17:9-46 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9-46 - Distribution of proceeds of liquidation of defaulting depository

17:9-46. Distribution of proceeds of liquidation of defaulting depository  Upon payment to a governmental unit, the commissioner shall be subrogated to all of such governmental unit's right, title and interest against the defaulting depository. All sums received from any distribution of any liquidation of the defaulting depository shall be paid to the affected governmental units to the extent of any unpaid net deposit liability and the balance shall be paid to the public depositories against which assessments were made, in proportion to such assessments. If the commissioner incurs expense in enforcing any such claim, the amount thereof shall be paid as a liquidation expense of the defaulting depository. L.1970, c. 236, s. 6, eff. Oct. 27, 1970.
NJ Rev Stat § 17:9-47 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9-47 - Operative date.

17:9-47 Operative date.  7. The provisions of this act shall become operative on December 1, 1970, but the commissioner may issue appropriate regulations in advance thereof. The provisions of P.L.2009, c.326 (C.17:9-43.1 et al.), amending and supplementing the "Governmental Unit Deposit Protection Act," P.L.1970, c.236 (C.17:9-41 et seq.), shall become operative on July 1, 2010, but the commissioner may issue appropriate regulations in advance thereof. L.1970, c.236, s.7; amended 2009, c.326, s.6.
NJ Rev Stat § 17:9-48 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9-48 - Short title

17:9-48. Short title  This act shall be known and may be cited as the "Governmental Unit Deposit Protection Act." L.1970, c. 236, s. 8, eff. Oct. 27, 1970.
NJ Rev Stat § 17:9A-2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-2 - Application of act.

17:9A-2 Application of act.  2. Application of act. A. No corporation, other than a national banking association, shall hereafter be organized to transact the business of a bank or savings bank in this State, except as provided in this act. B. The provisions of this act, except as in this act otherwise expressly provided, shall apply to every bank and savings bank heretofore or hereafter organized. C. The powers and privileges heretofore conferred upon banks and savings banks heretofore formed under any general or special law of this State shall, unless otherwise provided in this act, be abridged, repealed, modified, or enlarged to conform to the provisions of this act. D. The provisions of this act all apply to national banking associations authorized to transact business in this State, to the extent that such provisions are not inconsistent with and do not infringe paramount federal laws governing national banking associations. L.1948,c.67,s.2.
NJ Rev Stat § 17:9A-2.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-2.1 - Authority of commissioner relative to out-of-State supervisor

17:9A-2.1. Authority of commissioner relative to out-of-State supervisor  27. The commissioner is authorized to enter into contracts with bank supervisors of other states for the purpose of establishing effective and efficient supervisory and regulatory structures and practices with respect to the provisions of sections 1 through 26 of this 1996 amendatory and supplementary act.  L.1996,c.17,s.27.
NJ Rev Stat § 17:9A-3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-3 - Incorporation; certificate of incorporation; officers, directors and employees as incorporators

17:9A-3. Incorporation; certificate of incorporation; officers, directors and employees as incorporators  Incorporation; certificate of incorporation; officers, directors and employees as incorporators.  A. Seven or more persons, of full age, may incorporate a bank on the terms and conditions prescribed by this act. Such persons shall execute and acknowledge a certificate of incorporation stating:  (1) The name by which the bank shall be known; (2) The street, street number, if any, and municipality in which the principal office of the bank is to be located; (3) The powers authorized by this act which the bank will have power to exercise; (4) The amount of the capital stock, the number of shares into which it is divided, and the par value of each share; (5) The amount of surplus with which the bank will commence business; (6) The amount of the fund reserved for organization expense pursuant to section 5; (7) The names and residences of the incorporators, and the number of shares subscribed for by each; (8) The number of directors, or that the number of directors shall be not less than a stated minimum, or more than a stated maximum; (9) The names of the persons who will serve as directors until the first annual meeting of stockholders; and (10) Such other provisions, not inconsistent with this act, as the incorporators may choose to insert for the regulation of the business and affairs of the bank. The certificate of incorporation may provide that a director or officer shall not be personally liable, or shall be liable only to the extent therein provided, to the bank or its stockholders for damages for breach of any duty owed to the bank or its stockholders, except that such provision shall not relieve a director or officer from liability for any breach of duty based upon an act or omission (a) in breach of such person's duty of loyalty to the bank or its stockholders, (b) not in good faith or involving a knowing violation of law or (c) resulting in receipt by such person of an improper personal benefit. If such a provision is not included in the original certificate of incorporation, it may be added by an amendment effected in accordance with section 117 of P.L. 1948, c. 67 (C. 17:9A-117). 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 bank or its stockholders in connection with a matter in which he has a material conflict of interest.  B. An officer, director or employee of any bank may be an incorporator of another bank when not inconsistent with such person's fiduciary duty or other applicable law.  L. 1948, c. 67, s. 3; amended 1969,c.244,s.1; 1979,c.300; 1987,c.35,s.6; 1989,c.17,s.5.
NJ Rev Stat § 17:9A-4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-4 - Capital stock and surplus

17:9A-4. Capital stock and surplus  A. The capital stock of every bank hereafter organized shall amount to not less than: (1) $100,000.00, if the population of the municipality wherein the principal office of the bank is to be located does not exceed 10,000; (2) $150,000.00, if the population of such municipality exceeds 10,000, but does not exceed 50,000; (3) $200,000.00, if the population of such municipality exceeds 50,000, but does not exceed 100,000; (4) $300,000.00, if the population of such municipality exceeds 100,000, but does not exceed 200,000; (5) $500,000.00, if the population of such municipality exceeds 200,000; provided that, if the certificate of incorporation states that the bank shall be authorized to exercise all or any of the powers specified in section 28, its capital stock shall be not less than $500,000.00. B. If the commissioner shall find that the principal office of a bank will be located in a municipality which serves as a business or as a banking center for outlying districts not otherwise adequately provided with banking facilities, so that such bank will transact business with a substantial number of persons who do not reside in the said municipality; or if the commissioner shall find that, because of its location, a bank will transact a substantial part of its business with persons from a neighboring municipality or municipalities, the commissioner may, in his discretion, require that the capital stock with which such bank shall commence business, shall equal the minimum capital stock which would be required of the bank if its principal office were to be located in a municipality having a population equal to that of the combined populations of the municipality in which it is to be located and of the area, outside such municipality, which it will serve. C. Every bank hereafter organized shall commence business with a surplus at least equal to 20% of its capital stock. L.1948, c. 67, p. 181, s. 4. Amended by L.1965, c. 171, s. 1.
NJ Rev Stat § 17:9A-5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-5 - Reserve for organization expense

17:9A-5. Reserve for organization expense  Every bank shall, on its organization, establish a fund at least equal to 5% of its capital stock as a reserve fund for organization expense. Organization expense shall mean all lawful expense incurred preliminary to commencement of business. Any unexpended balance in the fund shall be credited to undivided profits. L.1948, c. 67, p. 183, s. 5. Amended by L.1965, c. 171, s. 2.
NJ Rev Stat § 17:9A-6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-6 - Capital stock; par value and classes

17:9A-6. Capital stock; par value and classes  A. Except as otherwise provided in this section the par value of the shares of the capital stock issued by any bank shall be not less than $2.00 per share. B. A bank may create and issue common stock and preferred stock. C. The minimum par value imposed by subsection A of this section shall not apply to stock issued before the effective date of this act. Notwithstanding any other provision of this act, any bank heretofore organized may, in increasing or decreasing its capital stock, or in converting its preferred stock into common stock, assign to its shares the same par value as that assigned to such stock issued and outstanding on the effective date of this act. L.1948, c. 67, p. 183, s. 6. Amended by L.1962, c. 145, s. 1; L.1977, c. 417, s. 1, eff. Feb. 24, 1978.
NJ Rev Stat § 17:9A-6.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-6.1 - Authorized but unissued stock provided for

17:9A-6.1. Authorized but unissued stock provided for  A bank may, in its original or amended certificate of incorporation make provision for authorized but unissued stock. Such stock may, with the approval of the Commissioner of Banking as hereinafter provided, be issued for such purposes, in addition to the purposes expressly authorized by law, and for such consideration as the board of directors may determine. So long as such stock remains unissued, it shall not constitute capital stock for the purposes of the act to which this act is a supplement. L.1970, c. 294, s. 1, eff. Dec. 14, 1970.
NJ Rev Stat § 17:9A-6.2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-6.2 - Certificate of amendment, procedure, filing

17:9A-6.2. Certificate of amendment, procedure, filing  2. Prior to the time when authorized or unissued shares are issued by a bank, a certificate of amendment made by two officers of the bank, one of whom shall be the president or a vice-president, shall be filed in the Department of Banking and Insurance. The certificate of amendment shall state (a) the amount of the authorized but unissued stock which will be issued; (b) the consideration which will be received by the bank on the issuance of such stock; (c) the date upon which the stock will be issued; and (d) the amount of the bank's capital stock which will be outstanding, and the amount of its surplus after giving effect to such issue. A filing shall be deemed approved on the 30th day after receipt by the commissioner, unless approved or disapproved earlier by the commissioner in writing. Upon approval pursuant to this section, the certificate of incorporation shall thereupon be amended as set forth in the certificate of amendment. The commissioner may disapprove a filing if the commissioner finds that the issuance of the stock will be in violation of law or contrary to the public interest or that the bank's original or amended certificate of incorporation does not provide for authorized but unissued stock. A certificate filed in the department pursuant to this section shall be deemed for all purposes to be an amending of the bank's certificate of incorporation with the same effect as if it had been authorized, executed, approved and filed in such department pursuant to article 19 of P.L.1948, c.67 (C.17:9A-116 et seq.). L.1970,c.294,s.2; amended 2000, c.69, s.1.
NJ Rev Stat § 17:9A-6.3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-6.3 - Consideration for issue; preemptive rights

17:9A-6.3. Consideration for issue; preemptive rights  Authorized but unissued stock may be issued pursuant to this act for cash or for consideration other than cash, and may be issued without first being offered to existing stockholders. L.1970, c. 294, s. 3, eff. Dec. 14, 1970.
NJ Rev Stat § 17:9A-7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-7 - Incorporation of savings bank

17:9A-7. Incorporation of savings bank  Nine or more persons, of full age, may incorporate a savings bank on the terms and provisions prescribed by this act. Such persons shall execute and acknowledge a certificate of incorporation stating:  (1) the name by which the savings bank shall be known;  (2) the street, street number, if any, and municipality in which the principal office of the savings bank is to be located;  (3) the amount of the capital deposits with which the savings bank will commence business;  (4) the names and addresses of the incorporators;  (5) the number of managers, or that the number of managers shall be not less than a stated minimum or more than a stated maximum;  (6) the names of the persons who will serve as managers until their successors are elected and qualify;  (7) such fiduciary powers, if any, as the savings bank shall be authorized to exercise; and  (8) such other provisions, not inconsistent with this act, as the incorporators may choose to insert for the regulation of the business and affairs of the savings bank.  L. 1948, c. 67, s.7; amended by L. 1987, c. 201, s. 28.
NJ Rev Stat § 17:9A-8 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-8 - Capital deposits; payment

17:9A-8. Capital deposits; payment  Capital deposits; payment.  A. The capital deposits in every savings bank hereafter organized shall amount to not less than:  (1) $100,000.00, if the population of the municipality wherein the principal office of the savings bank is to be located does not exceed 10,000;  (2) $150,000.00, if such population exceeds 10,000 but does not exceed 50,000;  (3) $200,000.00, if such population exceeds 50,000 but does not exceed 100,000;  (4) $300,000.00, if such population exceeds 100,000 but does not exceed 200,000;  (5) $500,000.00, if such population exceeds 200,000; provided, that if the certificate of incorporation states that the savings bank shall be authorized to exercise any of the powers specified in section 28, its capital deposits shall not be less than $500,000.00.  B. The savings bank shall be liable to the depositors or their legal representatives or assigns for the amount of the capital deposits respectively paid in by them, which shall be repaid to them subject to such regulations as are applicable to other deposits and which shall be entitled to interest and dividends at the same rate and under the same regulations as are applicable to other deposits; provided, that, until such time as the surplus of the savings bank shall amount to not less than the original capital deposits, or 5% of other regular deposits, whichever is greater, no part of the capital deposits, other than interest or dividends thereon, may be withdrawn, and until such time, the capital deposits shall be subordinate to all other deposits and liabilities of the savings bank. When the surplus shall equal the amount in this subsection specified, the capital deposits may be withdrawn or transferred to regular deposits accounts in such amounts from time to time as shall not reduce the surplus below the amount so specified.  L. 1948, c. 67, s.8. Amended by L. 1965, c. 171, s. 15; 1987, c. 201, s. 29.
NJ Rev Stat § 17:9A-8.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-8.1 - Definitions

17:9A-8.1. Definitions  For the purposes of this act: a. "Capital stock savings bank" means a savings bank organized or converted pursuant to this act; b. "Commissioner" means the Commissioner of Banking; c. "Department" means the Department of Banking. L.1982, c. 9, s. 1, eff. March 4, 1982.