New Jersey § 17:12b-24

§ 17:12b-24.

a. Upon filing an application therefor in the department, and upon obtaining the approval

of the commissioner thereto a State association may change the location of its principal

office or of a branch office located in this State to another location in this State. Upon filing an application therefor in the department, and upon obtaining the approval

of the commissioner thereto, an out-of-State association with a branch office located

in this State may change the location of a branch office in this State to another

location in this State, and an association with a branch office located outside this

State may change the location of a branch office to another location in that State. b. If it shall appear from the application, or if the commissioner shall find from

such proof as the commissioner may require, or from such investigation as the commissioner

may cause to be made, that the area which would be served by the principal or branch

office after its change in location would not be substantially different from the

area theretofore served by that office, the commissioner shall approve the application. c. If it shall appear to the commissioner, from the application, or from such proof

as the commissioner may require, or from such investigation as the commissioner may

cause to be made, that the proposed location will be so far removed from the place

then occupied by the principal office or by the branch office that the area which

would be served by that office after its change in location would be substantially

different from the area theretofore served by it, the commissioner shall not approve

the application unless, after an investigation or hearing, or both, as the commissioner

may determine to be advisable, the commissioner shall find that the interests of the

public will be served to advantage by the change in location, and that conditions

in the locality to which removal is proposed afford reasonable promise of successful

operation. d. The failure to open and operate a relocated office within 12 months after the commissioner

approves the application therefor, shall automatically terminate the right to open

the relocated office, except that, for good cause shown, the commissioner may, at

the commissioner's discretion, extend for additional periods, not to exceed 12 months

each time, the time within which the relocated office may be opened, provided that

the initial application shall be made before the expiration of 12 months from the

date authority is granted to relocate the principal office and any subsequent application

shall be made before the expiration of any subsequent period for which permission

to extend has been granted by the commissioner.