New Jersey § 17:12b-221

§ 17:12b-221.

Notwithstanding any other provision or provisions of the law granting, governing,

defining or limiting the powers or right of members to vote upon any question or issue

whatsoever requiring the consent or approval of the members of the State association

by the vote of the majority or otherwise, the Federal Savings and Loan Insurance Corporation,

shall be entitled, at any meeting or meetings of the State association held after

the commissioner takes possession of the business and property of the State association,

to cast 1 vote for each member of the State association whose account is insured and

who is not entitled by way of withdrawal or maturity rights to a sum greater than

the maximum amount for which a single member may be insured by the corporation, and

whose account has been paid, or made available for payment. The right to vote herein conferred shall be exercised by the corporation by any

of its officers, or by such person or persons as its board of trustees may designate. All votes so cast by the corporation shall have the same effect and shall be considered

for all purposes whatsoever as if severally and individually cast by the members of

the State association whose account, or accounts are insured as aforesaid, and who

are severally entitled to a sum not greater than the maximum amount for which a single

member may be insured by the corporation.