reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:13-83 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-83 - Organizational meeting; notice

17:13-83. Organizational meeting; notice  The organizational meeting of the members of the credit union shall take place within ten days of the filing of the certificate of incorporation. A written notice, signed by a majority of the incorporators, shall be given personally or by mail to each of the members proposed in the certificate of incorporation, designating the time, place, and purpose of the meeting. The notice shall be given at least five days before the date on which the meeting is to be held. At the meeting the members present by majority vote shall elect a board of directors as provided for in section 17 of this act and shall transact any other business as may properly come before them. L.1984, c. 171, s. 5, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-84 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-84 - Affidavit of incorporators

17:13-84. Affidavit of incorporators  Before the commissioner may issue a certificate of authority, two of the incorporators shall submit an affidavit to the commissioner which attests to the following: a. That the certificate of incorporation has been filed with the commissioner; b. That the shares of the incorporators and thirty members have been fully paid in cash; c. That the cash paid in is on deposit in a depository institution in this State without offset, claim or demand against it whatsoever, and that it is subject to withdrawal on demand. L.1984, c. 171, s. 6, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-85 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-85 - Issuance of certificate of authority; transaction of business

17:13-85. Issuance of certificate of authority; transaction of business  Within 30 days of receipt of the affidavit required by section 6 of this act, the commissioner shall issue a certificate of authority for the credit union to begin the transaction of business provided for in the certificate of incorporation if: a. After an examination, he finds that the facts presented in the affidavit are true; b. The incorporators have received firm commitment of the insurance required by section 9 of this act; c. The proposed directors and officers of the credit union possess the qualifications, experience, and character required for the duties and responsibilities with which they will be charged. Upon receipt of the certificate of authority, the credit union may begin transacting business. The commissioner shall file a copy of the certificate of authority with the certificate of incorporation. L.1984, c. 171, s. 7, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-86 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-86 - Amendment of certificate of incorporation; approval of commissioner

17:13-86. Amendment of certificate of incorporation; approval of commissioner  a. A credit union may amend its certificate of incorporation in the following manner: (1) The board shall approve the proposed amendment and direct that it be submitted to a vote at a meeting of the members; (2) The meeting of the members shall be held upon at least 10 days' notice given personally or by mail; (3) If three-fourths of the members present at the meeting approve the amendment the amendment shall be deemed to be adopted. b. Upon adoption by the members, a certificate of amendment shall be executed in the name of the credit union by its president or vice president, attested by its secretary, sealed with the corporate seal, and submitted to the commissioner for his approval. If the commissioner does not notify the credit union of his disapproval in writing within 30 days, it shall be deemed approved. If the commissioner finds that the amendment does not meet the standards set forth in this act, he shall disapprove it. Upon the commissioner's approval, the amendment to the certificate shall be filed with the department. No amendment to a certificate of incorporation shall contain any provision which would not, under the terms of this act, be permitted in the original certificate. L.1984, c. 171, s. 8, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-87 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-87 - Insurance of accounts; financial condition and examination reports

17:13-87. Insurance of accounts; financial condition and examination reports  a. No credit union shall be granted a charter on or after the effective date of this act unless the incorporators have obtained a commitment for the insurance of its accounts from the National Credit Union Administration or another insurer approved by the commissioner. b. The commissioner may make available reports of financial condition and examination reports to the National Credit Union Administration or to any qualified insurer and may accept any report of examination made on behalf of the insurer or insuring agency. 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.1984, c. 171, s. 9, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-88 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-88 - Name of credit union; unauthorized use of words "credit union" in name; penalty

17:13-88. Name of credit union; unauthorized use of words "credit union" in name; penalty  a. The name of every credit union incorporated under this act shall contain the words "Credit Union." No name shall be adopted by any credit union which is already in use by another existing credit union of this State or be so similar thereto as to lead to uncertainty or confusion. b. The use by any person, except corporations established under this act or affiliates or associations thereof, or by federal law or by the laws of another state, of a name or title containing the words "credit union" shall be a crime of the fourth degree. L.1984, c. 171, s. 10, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-90 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-90 - Powers of commissioner.

17:13-90 Powers of commissioner.  12. The commissioner shall have the power to make, amend and repeal regulations permitting credit unions to exercise any power, right, benefit, or privilege permitted to federally chartered credit unions. L.1984,c.171,s.12; amended 1998, c.133, s.3.
NJ Rev Stat § 17:13-91 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-91 - Change of location of office; facilities for meetings or services

17:13-91. Change of location of office; facilities for meetings or services  a. A credit union may change the location of its office by resolution of the board. A copy of the resolution, attested by the secretary, shall be forwarded to the commissioner for his approval. If the resolution is not approved within 30 days by the commissioner, it shall be deemed to be approved. Upon the approval of the commissioner, the resolution shall be filed with the department. b. Any municipality, school board, county, state department, or any agency or instrumentality thereof may make facilities available for use by a credit union as an office or meeting room. c. A credit union may maintain service facilities, or may join with one or more financial institutions in the operation of a service facility to meet member needs, including an automated terminal, if these facilities are reasonably necessary to furnish service to its members, at locations other than its principal office, upon the approval of the commissioner. L.1984, c. 171, s. 13, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-92.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-92.1 - Credit unions approved for inclusion of more than one group; continuation permitted.

17:13-92.1 Credit unions approved for inclusion of more than one group; continuation permitted.  5. A credit union that has been approved to include more than one group within its field of membership prior to the effective date of this act may continue to operate in accordance with that approval, provided however, that any change to its field of membership after the effective date of this act shall be subject to the provisions of this act. L.1998,c.133,s.5.
NJ Rev Stat § 17:13-93 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-93 - Meetings; vote of members; quorum

17:13-93. Meetings; vote of members; quorum  a. The annual meeting of the members of the credit union shall be held on a date to be designated by the board for the election of directors and committee members and the transaction of any other business as may properly come before the meeting. b. Regular and special meetings may be held in the manner prescribed in the bylaws. c. At all of these meetings a member shall have one vote. No member may vote by proxy, but a member may vote by absentee ballot if the bylaws of the credit union so provide. d. The bylaws shall prescribe the number of members which constitute a quorum, but less than a quorum may adjourn the meeting from time to time. e. A society, association, copartnership or corporation, having membership in the credit union, may be represented and have its vote cast by one of its members or shareholders, if the person has been so authorized by resolution of the organization's board of directors. L.1984, c. 171, s. 15, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-94 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-94 - Bylaws; approval of commissioner

17:13-94. Bylaws; approval of commissioner  Every credit union shall, by majority vote of its members, adopt bylaws consistent with the laws of this State. The bylaws may be amended from time to time. A copy of the bylaws and all amendments thereto shall be certified by the secretary and forwarded to the commissioner, but shall not become effective until approved by the commissioner. If the commissioner does not approve the bylaws or any amendments thereto within 30 days of their submission, they shall be deemed approved. Upon the commissioner's approval the bylaws or any amendments thereto shall be filed with the department. L.1984, c. 171, s. 16, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-95 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-95 - Board of directors; membership; vacancy; meetings

17:13-95. Board of directors; membership; vacancy; meetings  The credit union shall be directed by a board consisting of an odd number of directors, not less than five in number, who shall be members and who shall be elected by ballot of the members at the annual meeting for terms as the bylaws provide, except that the bylaws shall provide for staggered terms. The directors shall be at least 18 years of age and a majority of the directors shall be residents of this State. Every director shall subscribe to an oath in a form prescribed by the commissioner, and the form shall be filed with the commissioner within five days of its execution. A vacancy on the board shall be filled by the directors until the next annual meeting, when it shall be filled by the members for the unexpired term. The board or the executive committee shall meet at least once a month and upon any other occasions which it deems necessary. L.1984, c. 171, s. 17, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-96 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-96 - Chairman of board; officers; compensation; bond of officers; duties

17:13-96. Chairman of board; officers; compensation; bond of officers; duties  The board of directors or the members, as provided by the bylaws, shall elect a chairman, who shall be a member of the board, a vice chairman, a secretary, and a treasurer, who shall hold their offices at the pleasure of the board or of the members, as the case may be. Officers and members of committees may be compensated for their services as provided for in the bylaws. The commissioner may, at any time, order the compensation reduced if in his judgment it is excessive. The board shall require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the commissioner. The commissioner shall promulgate rules and regulations establishing the duties of directors. L.1984, c. 171, s. 18, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-97 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-97 - Executive committee of board; powers; limitations; minutes

17:13-97. Executive committee of board; powers; limitations; minutes  a. The board may appoint an executive committee of the board, consisting of not less than three directors, which may be authorized to act for the board, as provided in the bylaws, except that the executive committee may not: (1) Exercise any powers granted to it while a quorum of the board is actually convened for the conduct of business; (2) Declare a dividend, or make any other kind of distribution to members; (3) Make, alter, or repeal the bylaws of the credit union; (4) Elect or appoint any officer or director; or (5) Exercise any other power which this act specifically provides shall be exercised by at least a majority of all the directors. b. The minutes of the proceedings of the executive committee shall be presented to the board at the meeting next following any meeting of the executive committee. L.1984, c. 171, s. 19, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-98 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-98 - Examining committee; members; audit or examination of credit union

17:13-98. Examining committee; members; audit or examination of credit union  The members of each credit union shall elect an examining committee, composed of at least three members, none of whom shall be officers, directors, or members of the credit committee. The members of the committee shall be elected for staggered terms, and at least one-third of the membership of the committee shall be elected by the members at the annual meeting each year. Every member of the examining committee shall subscribe to an oath in a form prescribed by the commissioner. The examining committee shall make, or cause to be made, a thorough audit or examination of the condition of the credit union as of December 31 of each year, and a verification of member accounts at least once every year. The report of the examining committee shall be signed and sworn to by the members of the committee and filed with the board on or before March 31 of each year. The examining committee shall perform any other duties as may be provided for in the bylaws of the credit union. L.1984, c. 171, s. 20, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-99 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-99 - Special meeting called by examining committee; suspension of officer or member

17:13-99. Special meeting called by examining committee; suspension of officer or member  a. The examining committee may, by a majority vote of its members, call a special meeting of the members to consider any violation of this act, the credit union's charter or bylaws, or any practice of the credit union deemed by the committee to be unsafe or unauthorized. b. The examining committee may, by a unanimous vote of its members, suspend any officer, member of the board of directors, or member of the credit committee for good cause until a meeting of the members, which shall be held not less than seven nor more than 21 days after the suspension to ratify the action of the examining committee. c. Subsequent to ratification by the members, the examining committee shall refer the matter to the board for appropriate action. L.1984, c. 171, s. 21, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-100 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-100 - Credit committee

17:13-100. Credit committee  22. a. If the bylaws provide for a credit committee, then pursuant to the provisions of the bylaws, the board shall appoint, or the members shall elect a credit committee of not less than three nor more than seven members, who shall serve as set forth in the bylaws. The committee shall approve or deny written applications for loans from members pursuant to and consistent with the general loan policy and rules and regulations established by the board for member loans.  The credit committee shall elect a chairman and a secretary and any other officers which it deems necessary. It shall be the duty of the secretary of the credit committee to keep permanent minutes of all of its meetings.  b. A majority of members of the credit committee shall constitute a quorum. No member loans shall be approved except at meetings of the credit committee, and the approval shall be signed by a majority of those members present.  c. If the bylaws provide for a credit committee, the credit committee may appoint one or more loan officers, to whom it may delegate the power to approve applications for loans from members pursuant to and consistent with the general loan policy and rules and regulations established by the board for member loans. Each loan officer shall submit to the credit committee a record of each application approved or denied by him, at the next meeting of the credit union or within 30 days of the receipt of the loan application, whichever is earlier. All applications denied by a loan officer shall be reviewed by the credit committee. No person shall have the authority to disburse funds for any loan which has been approved by him as loan officer. Not more than one member of the credit committee may be appointed as loan officer.  d. If there is no credit committee, a member shall have the right, upon written request to the board of directors, to review by the board of a loan application which has been denied by a loan officer.  L.1984,c.171,s.22; amended 1993,c.280,s.1.
NJ Rev Stat § 17:13-101 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-101 - Issuance of shares and certificates; deposits; accounts offered; trustee or custodian of accounts and funds; payment of dividends

17:13-101. Issuance of shares and certificates; deposits; accounts offered; trustee or custodian of accounts and funds; payment of dividends  a. A credit union shall issue shares and share certificates, which shall constitute the capital of the credit union. Shares may be subscribed to, paid for and transferred in any manner prescribed by the bylaws. Ownership of shares or share certificates shall confer membership and voting rights. b. A credit union may accept deposits from and issue deposit certificates to its members and to other credit unions, subject to terms, rates, and conditions prescribed by the board and regulations established by the commissioner. c. A credit union may offer special purpose share or deposit accounts, including, but not limited to, Christmas club accounts and vacation club accounts, under terms and conditions established by the board. d. A credit union may offer joint accounts, trust accounts, or pay-on-death accounts, as provided in the "Multiple-party Deposit Account Act," P.L. 1979, c. 491 (C. 17:16I-1 et seq.). These accounts may be held as shares, share certificates, deposits, deposit certificates, or any other form provided by law. e. A credit union may act as trustee or custodian of (1) individual retirement accounts authorized by State or federal law; (2) pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or (3) other similar retirement or pension plans; or (4) pension and profit-sharing plans. f. The board may authorize the payment of dividends from the undivided earnings. Dividends may be paid at varying rates with respect to the conditions which pertain to each type of account including, but not limited to, minimum balance, notice and time requirements. L.1984, c. 171, s. 23, eff. Oct. 31, 1984.
NJ Rev Stat § 17:13-101.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-101.1 - Savings promotion conducted by credit union.

17:13-101.1 Savings promotion conducted by credit union.  3. a. A credit union may conduct a savings promotion provided that the credit union:  (1) conducts the promotion in a manner so as to ensure that each entry has an equal chance of winning the designated prize; (2) fully discloses the terms and conditions of the promotion to each of its account holders; (3) maintains records sufficient to facilitate an audit of the promotion;  (4) ensures that only account holders 18 years of age and older are permitted to participate in the promotion; (5) does not require any consideration, other than the requirement that the participant deposit money into a savings account or other savings program to obtain entries in the promotion, to participate in the promotion; and  (6) offers an interest rate and charges fees on any qualifying account that are approximately the same as those on a comparable non-qualifying account.  b. For the purposes of this section, "savings promotion" means a raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program, and "credit union" means credit union as defined in section 2 of P.L.1984, c.171 (C.17:13-80). L.2015, c.236, s.3.
NJ Rev Stat § 17:13-102 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:13-102 - Minors; transactions; membership privileges

17:13-102. Minors; transactions; membership privileges  a. Shares, share certificates, and deposit certificates may be issued to, and deposits received from, a minor who may withdraw the shares and deposits, including the dividends and interest thereon. Deposits and share payments made by a minor and withdrawals thereof by the minor, shall be valid in all respects. b. No minor may hold office within the credit union until he shall have reached his eighteenth birthday. c. In exercising his membership privileges with a credit union, a minor may make all contracts which any other of its members may make. Any contract of a member who is a minor shall be binding and enforceable against the member in the same manner as if he were of full age at the time of entering the contract. L.1984, c. 171, s. 24, eff. Oct. 31, 1984.