New Jersey § 17:12b-286
Full text of New Jersey New Jersey Statutes § 17:12b-286, with citation guidance and answers to common questions.
§ 17:12b-286.
It shall be unlawful, on and after the date three years following the effective date
of this act, for any state association to operate without insurance of its accounts
by the Federal Savings and Loan Insurance Corporation as defined in subsection (20)
of section 5 of P.L.1963, c. 144 ( C. 17:12B-5 ), (hereinafter referred to as “FSLIC insurance”). a. Within one year of the effective date of this act, every state association shall,
as a condition to operate in this State, apply for FSLIC insurance. b. Any state association which has failed to apply for FSLIC insurance within one
year of the effective date of this act, or which has been denied a commitment for
FSLIC insurance, shall, within 90 days thereafter, begin steps to merge with an insured
association, or transfer, sell or exchange in bulk its assets to an insured association,
or a banking institution as defined in subsection (2) of section 1 of P.L.1948, c.
67 ( C. 17:9A-1 ). Liquidation following the transfer, sale or exchange in bulk of its assets shall
be managed and directed by the thereupon to be dissolved state association's board
of directors in accordance with the provisions of section 205 and sections 207 through
212 of P.L.1963, c. 144 ( C. 17:12B-205 and 17:12B-207 through 17:12B-212 ). c. A state association may apply in writing for an extension of time to obtain FSLIC
insurance or to consummate a merger or bulk sale. The commissioner may grant one or more 90-day extensions of time, but not exceeding
one year, for a state association to obtain FSLIC insurance or cease its operations
as provided by this section.
Frequently Asked Questions About New Jersey § 17:12b-286
What does New Jersey Statutes § 17:12b-286 cover?
Section 17:12b-286 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:12b-286?
A common citation format is "New Jersey Statutes § 17:12b-286" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:12b-286 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.