New Jersey § 17:12b-199

§ 17:12b-199.

The boards of the State associations desiring to merge, shall each pass a resolution

indicating such desire by at least a 2 / 3 vote of each of the respective boards. The directors of the merging associations shall then have the power to process the

proposed merger. The directors of the merging associations shall then file their resolutions with

the commissioner for his approval. Simultaneously with the submission of the resolutions to the commissioner, the boards

of the merging State associations may submit their resolutions to the members of their

respective State associations by mailing a copy of the same to their members at their

addresses appearing on the books of the State associations and they may, within 10

days of filing said resolutions with the commissioner, publish notice of such action

in form approved by the commissioner, in a newspaper or newspapers published in the

municipalities where the principal office and branches of each merging association

are located or if there be no such newspaper then in a newspaper published in the

county having a substantial circulation in said municipalities. Notice of such action shall also be posted in a prominent place in each office of

the merging associations. Any member shall have the right to file his objection to the proposed merger with

the commissioner within 15 days from the date such resolution is filed with the commissioner

and mailed to them, or if newspaper publication is utilized within 15 days from the

date of such publication, and this right of the members shall be made part of whatever

notice method is used. Not less than 30 days nor more than 45 days, after the resolutions are filed with

the commissioner or newspaper publication is accomplished, the commissioner shall

approve or disapprove the application. The commissioner shall give due consideration to any objections filed by members

of the merging State associations and he shall determine whether the proposed merger

is in the interest of the public and of the members of the merging State associations

in reaching his decision. The commissioner shall mail a written copy of his opinion, approving or disapproving

any applications submitted under this section, to the applying State associations. Notwithstanding any of the above requirements, upon finding that the interests of

the public and the members of the merging institutions will be served by expedited

approval of a plan of merger, the commissioner may approve the proposed plan of merger

on such an expedited basis. If approval is reached by the commissioner on such an expedited basis, notice to

members of the merged institutions shall be given in a manner specified by the commissioner.