New Jersey § 17:6-59
Full text of New Jersey New Jersey Statutes § 17:6-59, with citation guidance and answers to common questions.
§ 17:6-59.
a. The board of managers, in determining whether any bond, debenture, other security
or investment meets the requirements as to the legality of investment therein, may
rely and be fully protected in relying upon statistical, financial, corporate or other
information as to such bond, debenture, other security or investment, and upon ratings
or other opinion as to the financial or other status thereof, or its legality for
investment, contained in or offered by any financial, statistical, investment, rating
or other publication or service published for the use of and accepted as reliable
by the Commissioner of Banking and Insurance; b. An investment made by a savings bank, legal under the laws of this State when made,
shall continue to be legal, anything in this act 1 to the contrary notwithstanding, but nothing herein contained shall relieve the board
of managers from the duty to exercise reasonable discretion in deciding whether to
retain or to dispose of such investment; provided, however, that any securities issued
in exchange therefor under any reorganization or recapitalization, if not legal for
investment under this act, shall be sold or disposed of within five years from the
time of acquisition by the savings bank unless upon application by said bank to the
commissioner he shall extend the time for the sale or disposition thereof. 1
N.J.S.A. §§ 17:6-54 (repealed), 17:6-59.1.
Frequently Asked Questions About New Jersey § 17:6-59
What does New Jersey Statutes § 17:6-59 cover?
Section 17:6-59 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:6-59?
A common citation format is "New Jersey Statutes § 17:6-59" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:6-59 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.