New Jersey § 17:9a-27

§ 17:9a-27.

A. Every plan hereafter adopted by a savings bank or hereafter substantially altered

by a savings bank within the meaning of subsection D of section 7 of this act, 1 shall, before it or such alteration is placed in operation, be submitted to the commissioner

for his approval. B. The commissioner may disapprove such plan or alteration thereof if he shall find

(1) that it does not conform to law, or (2) that its adoption or alteration would

be hazardous to the savings bank, or (3) that its provisions are unfair or inequitable,

or (4) that the cost thereof to the savings bank is excessive or unreasonable, considering

the current earnings of the savings bank, and the savings bank's current deposits,

surplus, undivided profits and reserves. C. The commissioner may, from time to time, make such orders in respect to the maintenance

and administration of a plan as, in his judgment, the condition of the savings bank

may require. 1

N.J.S.A. § 17:9A-27.7.