New Jersey § 17:9a-154

§ 17:9a-154.

A bank, as defined in section 1 of “An act concerning banking and banking institutions

(Revision of 1948),” approved April twenty-ninth, one thousand nine hundred and forty-eight

(P.L.1948, c. 67) 1 may, without the approval of any officer, department, board or other agency of this

State, convert itself into and become a national banking association in the manner

and with the effect provided by the laws of the United States, as presently enacted,

and as hereafter from time to time supplemented or amended, governing the conversion

of a bank organized under State laws into a national banking association. A majority of the directors of such bank shall file in the Department of Banking

and Insurance a certificate over their signatures that the stockholders of the bank

have given their approval to the conversion of such bank into a national banking association

in the manner required by the laws of the United States, and that such bank intends

to act in pursuance thereof. Upon the taking effect of such conversion pursuant to the laws of the United States,

the bank shall be deemed to have surrendered its charter. No bank shall convert itself into a national banking association unless a national

banking association may, under the laws of the United States, convert into a bank

organized under State laws, without approval by any United States authority, nor shall

any bank convert itself into a national banking association at any time when the laws

of the United States applicable thereto provide that such conversion may be effected

by vote of the shareholders owning less than fifty-one per centum (51%) of the capital

stock of such bank entitled to vote. 1

N.J.S.A. § 17:9A-1.