reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-306 - Retention of interest in assets

17:12B-306. Retention of interest in assets
Upon the formation of a mutual state association holding company pursuant to the provisions of this act, the members of the organizing mutual state association shall retain the same interests in the assets of the mutual state association holding company as they had in the organizing mutual state association, and upon the reorganization of an organizing mutual state association into a mutual state association holding company and a subsidiary capital stock state association pursuant to this act, the members of the subsidiary capital stock state association shall retain the same interests in the mutual state association holding company. Any interest in the assets of the mutual state association holding company which are placed in a liquidation account as provided in section 8 of this act shall be for the benefit of the members of the organizing mutual state association, or the members of the subsidiary capital stock state association, as the case may be. Upon the merger or consolidation of a mutual state association holding company or capital stock state association holding company with another mutual state association holding company, the merger or consolidation agreement shall provide for the retention of any interests of the respective members of the subsidiary capital stock state association or state associations in the assets of the merged or consolidated mutual state association holding companies according to a fair valuation, as approved by the commissioner.
A mutual state association or capital stock state association that is a subsidiary of a mutual holding company shall have the power to issue to persons other than its parent holding company, an amount of preferred stock, common stock and securities convertible into common stock which in the aggregate does not exceed 49% of the issued and outstanding stock of the association. For purposes of this 49% limitation, outstanding securities that are convertible into common stock shall be considered as issued and outstanding common stock.
L.1989,c.165,s.15.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-307 - Certificate of incorporation for subsidiary

17:12B-307. Certificate of incorporation for subsidiary
The directors of a mutual state association holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock state association in accordance with this section through section 24 of this act, as a subsidiary of the mutual state association holding company. They shall issue a certificate of incorporation stating:
a. The name by which the subsidiary capital stock state association shall be known;
b. The street, street number and municipality in which the principal office of the subsidiary capital stock state association is to be located;
c. The names and addresses of the directors of the mutual state association holding company who will be the incorporators of the subsidiary capital stock state association;
d. The number of directors on the board of directors;
e. The names of the persons who will serve as directors until their successors are elected and qualified;
f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual state association holding company; and
g. The amount of surplus with which the subsidiary capital stock state association will commence business.
L.1989,c.165,s.16.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-308 - Certificate of incorporation, affidavit to commissioner; contents of affidavit

17:12B-308. Certificate of incorporation, affidavit to commissioner; contents of affidavit
The certificate of incorporation of every subsidiary capital stock state association established pursuant to this act shall be submitted to the commissioner within 60 days after its execution, together with an affidavit made by each of its incorporators, setting forth:
a. That no fee, commission, or other compensation has been received, directly or indirectly, by the mutual state association holding company incorporators or by the subsidiary capital stock state association incorporators in the course of organizing the subsidiary capital stock state association, and that no promotion fees or charges have been provided or are contemplated;
b. A complete disclosure of all fees paid or agreed to be paid in the matter of chartering and organizing the proposed subsidiary capital stock state association;
c. That at least a majority of the shares of the authorized stock of the subsidiary capital stock state association is held by the mutual state association holding company; and
d. That the subsidiary capital stock state association proposes to:
(1) Merge with the organizing mutual state association pursuant to section 25 of this act; or
(2) Purchase the assets of the organizing mutual state association pursuant to section 25 of this act; or
(3) Receive the assets and liabilities of the organizing mutual state association pursuant to subparagraph (b) of paragraph (2) of subsection c. of section 7 of this act.
L.1989,c.165,s.17.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-309 - Charter approval

17:12B-309. Charter approval
If the commissioner determines that the qualifications, experience and character of the proposed officers and directors of the subsidiary capital stock state association are sufficient to result in the successful operations of the subsidiary capital stock state association, and that the interests of the public will be served by the establishment of the subsidiary capital stock state association, and that the capital stock of the subsidiary capital stock state association is in accordance with the amount required for state associations pursuant to section 19 of P.L.1974, c.137 (C.17:12B-248), the commissioner may approve the charter.
L.1989,c.165,s.18.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-310 - Powers of stockholders, board of directors

17:12B-310. Powers of stockholders, board of directors
a. The stockholders of a subsidiary capital stock state association shall have the power to make, alter, and repeal bylaws. The directors of the mutual state association holding company which holds stock in the subsidiary capital stock state association shall vote the shares held by the mutual state association holding company.
b. If the certificate of incorporation of the subsidiary capital stock state association so provides, the directors of the subsidiary capital stock state association may have the power to make, alter and repeal bylaws, but any exercise of this power by the board of directors shall be subject to alteration or repeal by the stockholders. The bylaws may contain any provision not inconsistent with law for the regulation of the affairs of the subsidiary capital stock state association.
c. If a board of directors is empowered by the bylaws to make, alter, and repeal bylaws it may not, however, exercise this power with respect to bylaws:
(1) Fixing the number of directors of the subsidiary capital stock state association or the manner and time of determining this number;
(2) Establishing the requirement for calling a special meeting of the stockholders; or
(3) Setting forth the manner in which the bylaws may be made, altered, or repealed.
L.1989,c.165,s.19.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-311 - Bylaws

17:12B-311. Bylaws
Bylaws shall not be made, altered, or repealed by the stockholders of a subsidiary capital stock state association, except at an annual or special meeting of the stockholders, and by the affirmative vote of the holders of a majority of the capital stock of the subsidiary capital stock state association eligible to vote.
Bylaws shall not be made, altered or repealed by the board of directors of the subsidiary capital stock state association except by the affirmative vote of a majority of the whole board at any regular or special meeting of the board, unless at least two days' prior written notice of the intended action shall have been given to the directors. This notice may be waived by a director at or prior to the meeting.
L.1989,c.165,s.20.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-312 - Amendment of certificate of incorporation

17:12B-312. Amendment of certificate of incorporation
21. Whenever the board of directors of a subsidiary capital stock state association deems it advisable to amend the certificate of incorporation, it shall adopt a resolution setting forth the proposed amendment, which amendment shall be approved, at a meeting of the stockholders entitled to vote, by at least 2/3 of the capital stock entitled to vote. If the holders of 2/3 of the shares of capital stock entitled to vote approve the amendment, a certificate of this approval shall be attested by two officers of the state association, one of whom shall be the president or vice president, and shall be submitted to the commissioner for approval. A filing shall be deemed approved on the 30th day after receipt by the commissioner, unless approved or denied 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.
L.1989,c.165,s.21; amended 2000, c.69, s.11.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-313 - Governance of subsidiary

17:12B-313. Governance of subsidiary
The annual meetings, voting rights of stockholders, liability of stockholders and the maintenance of a subsidiary capital stock state association's books and records shall be governed by the provisions of Article XXI of P.L.1974, c.137 (C.17:12B-244 et seq.).
L.1989,c.165,s.22.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-314 - Dividends

17:12B-314. Dividends
A subsidiary capital stock state association may declare dividends on its capital stock pursuant to the provisions of section 30 of P.L.1974, c.137 (C.17:12B-259).
L.1989,c.165,s.23.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:12B-315 - Merger

17:12B-315. Merger
a. All other powers, rights, and privileges of a converted state association or a subsidiary capital stock state association not expressly provided for in this act shall be governed by the laws of this State relating to state associations, including the laws relating to capital stock state associations, but in any case where any power of investment of a mutual state association is limited to a percentage of its capital deposits or surplus, any limitation upon a subsidiary capital stock state association shall be expressed in terms of total capital funds, as defined by the commissioner by regulations.
b. A subsidiary capital stock state association or a converted state association may merge with a mutual state association or with a capital stock state association pursuant to the provisions of Article XIII of P.L.1963, c.144 (C.17:12B-198 et seq.) and section 37 of P.L.1974, c.137 (C.17:12B-266). In the event of the merger of a subsidiary capital stock state association or converted state association with another state association, in which the resulting state association shall be a subsidiary capital stock state association or capital stock state association held by a mutual state association holding company, the plan of merger or consolidation shall provide for the retention of any interest of the members of the merging or consolidating state association in the assets of the resulting state association's parent mutual state association holding company according to a fair valuation.
L.1989,c.165,s.24.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.