New Jersey § 17:12b-219

§ 17:12b-219.

Upon its filing such election to assume and exercise such powers, the Federal Savings

and Loan Insurance Corporation and the commissioner shall be vested jointly with the

exercise of all of the powers, duties and authority conferred and imposed upon the

commissioner pursuant to section 182 of this act. 1 All acts done by the commissioner in administering the affairs of such State association

before the filing of such election by the Federal Savings and Loan Insurance Corporation

shall be binding upon the Federal Savings and Loan Insurance Corporation; provided,

however, that any exercise of the powers conferred by section 182 of this act, any

appointment, employment, hiring, retention, or compensation of legal or other personnel

or assistance except as to service performed entirely before the filing of such election,

and, except in the regular and ordinary course of business any sale or other disposition

of assets and any compromise or release, shall require the approval of the Federal

Savings and Loan Insurance Corporation to be effective, unless the Federal Savings

and Loan Insurance Corporation shall decline to assume and exercise the powers conferred

by this section. All notices, citations, pleadings or other documents, which under the provisions

of said sections are authorized or required to be filed with or served on the commissioner,

need only be filed with or served on the commissioner, but he shall promptly furnish

the Federal Savings and Loan Insurance Corporation with a copy of each such notice,

citation, pleading, or document filed with or served upon him, except where the Federal

Savings and Loan Insurance Corporation shall waive or shall have waived, in writing,

the furnishing of such copy; provided, however, that failure of the commissioner

to furnish such copy shall not affect the validity of such filing or service. 1

N.J.S.A. § 17:12B-182.