New Jersey § 17:9a-11

§ 17:9a-11.

A. At the time and place designated for the hearing, the incorporators shall file

proof with the commissioner that the publication and mailing of the notice of application

for charter have been made in the manner required by section 10. 1 If the commissioner shall find that proper publication and mailing have been made,

he shall proceed with the hearing on the application, and shall afford all those desirous

thereof, an opportunity to be heard. In addition to the matters presented at the hearing, the commissioner shall consider

such facts and circumstances as he may determine to be relevant as a result of an

independent investigation made or caused to be made by him. B. The commissioner shall, within 90 days after the hearing, approve or disapprove

the application and shall file a written memorandum of his decision in the department

in which he shall state the reasons for his decision. C. If the certificate of incorporation states that the proposed bank or savings bank

is to be authorized to exercise any of the powers specified in section 28 2 which are permitted to it under this act, the commissioner shall give special consideration

to the following in determining whether to approve or disapprove the application for

charter: (1) The needs of the community for trust services, and the probable volume of trust

business which will be available to the bank or savings bank; (2) The nature of the supervision to be given to the proposed fiduciary activities; (3) Whether the bank or savings bank has available competent legal counsel to advise

and pass upon trust matters whenever necessary; and (4) Any other matters which in the discretion of the commissioner are relevant. D. If the commissioner shall determine, as a result of the hearing and of the independent

investigation made or caused to be made by him (1) That the interest of the public will be served to advantage by the establishment

of the proposed bank or savings bank; (2) That conditions in the locality in which the proposed bank or savings bank will

transact business afford reasonable promise of successful operation; (3) That the directors or managers designated in the certificate of incorporation

possess the qualifications, experience and character required for the duties and responsibilities

with which they will be charged; (4) That no fees, commissions, or other compensation have been paid for the promotion

of the bank or savings bank, or for the sale of the stock of the bank, or for obtaining

subscriptions for the capital deposits of the savings bank; and (5) That, in the case of a bank, the entire capital stock has been subscribed for,

and that each subscriber has undertaken in writing to pay in cash, upon approval according

to law of the certificate of incorporation, his proportionate share of the capital

stock, surplus and reserve fund for organization expense, specified in the certificate

of incorporation; or (6) That, in the case of a savings bank, the capital deposits have been subscribed

in full, and each subscriber has undertaken in writing to pay in cash, upon approval

according to law of the certificate of incorporation, his proportionate share of the

capital deposits; and if the certificate of incorporation of the proposed bank or savings bank states

that it is to be authorized to exercise any of the powers specified in section 28

which are permitted to it under this act, (7) That, in the case of a bank, the capital stock is not less than $500,000.00;

or that, in the case of a savings bank, the capital deposits are not less than $500,000.00;

and (8) That, having given consideration to the matters specified in subsection C of this

section, the bank or savings bank should be authorized to exercise such stated powers; he shall approve the application. 1

N.J.S.A. § 17:9A-10. 2

N.J.S.A. § 17:9A-28.