New Jersey § 17:12b-244

§ 17:12b-244.

The following words and phrases as used in this act, unless a different meaning is

plainly required by the context, shall have the following meaning: a. “ Capital stock association ” shall mean any insured State association organized pursuant to the provisions of

this act having for its purposes the encouragement of thrift, home ownership and housing

and the accumulation of funds through the issuance and sale of its stock, the acceptance

of deposits and such other accounts as may be authorized for mutual associations plus

such other purposes as are set forth in section 12 ( C. 17:12B-12 ) of this act and the loaning of funds so accumulated in accordance with the powers

conveyed by this act to mutual associations. A capital stock association shall issue a class or classes of stock known as capital

stock. b. “ Capital Stock ” or shares of capital stock shall mean the units into which the proprietary interests

in a capital stock association are divided. A portion of the consideration received for any such capital stock or shares of

capital stock shall be set aside and shall represent the fixed and permanent capital

of the capital stock association, subordinate to all liabilities, including the aggregate

of depositors' accounts. Capital stock shall have a par value per share or shall be without par value as

stated in the certificate of incorporation and approved by the commissioner. c. “ Capital surplus ” means the entire surplus of a capital stock association other than its earned surplus. d. “ Earned surplus ” means the portion of the surplus that represents the net earnings, gains and profits,

after deduction of all losses, that have not been distributed to the stockholders

as dividends or transferred to stated capital or capital surplus, or applied to other

purposes permitted by law. e. “ Stated capital ” means at any particular time the sum of (1) the par value of all shares of stock of the capital stock association having a

par value that have been issued; (2) the amount of the consideration received by the capital stock association for

all shares of stock of the capital stock association without par value that have been

issued, except such part of the consideration therefor as may have been allocated

to surplus in a manner permitted by law; and (3) such amounts not included in paragraphs (1) and (2) as have been transferred to

stated capital of the capital stock association, whether upon the issuance of shares

of stock as a stock dividend or otherwise, minus all reductions from such sum as have

been effected in a manner permitted by law. f. “ Surplus ” means the total of the reserves of a capital stock association, other than those

reserves required to be established by law, and specific and valuation reserves and

undivided profits. g. “ Stockholder ” shall mean the holder of record of one or more shares of the capital stock of a

capital stock association. h. “ Depositor ” shall mean a person who holds an account or a savings deposit representing savings

in a capital stock association.