New Jersey § 17:9a-120
Full text of New Jersey New Jersey Statutes § 17:9a-120, with citation guidance and answers to common questions.
§ 17:9a-120.
When the amendment is for the purpose of authorizing a bank, not a qualified bank,
to become a qualified bank, the commissioner, in determining whether he shall give
his approval thereto, shall give special consideration to the following: (1) The needs of the community for trust services, and the probable volume of trust
business which will be available to the bank; (2) the condition of the bank, particularly the adequacy of its capital and surplus
in relation to the character and condition of its assets and to its deposit liabilities
and other corporate responsibilities, including the proposed exercise of fiduciary
powers; but no bank shall be authorized to become a qualified bank unless its capital
stock amounts to at least $500,000.00; (3) the general character and ability of the management of the bank; (4) the nature of the supervision to be given to the proposed fiduciary activities; (5) the qualifications, experience and character of the proposed officer or officers
who will have control or supervision of the proposed fiduciary activities; (6) whether the bank has available competent legal counsel to advise and pass upon
trust matters whenever necessary; and (7) any other matters which in the discretion of the commissioner are relevant.
Frequently Asked Questions About New Jersey § 17:9a-120
What does New Jersey Statutes § 17:9a-120 cover?
Section 17:9a-120 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 § 17:9a-120?
A common citation format is "New Jersey Statutes § 17:9a-120" (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 § 17:9a-120 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.