New Jersey § 17:9a-155

§ 17:9a-155.

A. A bank may be dissolved in the manner provided by sections 14A:12-3 or 14A:12-4

of Title 14A, Corporations, General, of the New Jersey Statutes, except that the filings

required to be made by section 14A:12-3 or 14A:12-4 of the New Jersey Statutes shall be made in the department; and except further, that the consent of the holders

of 2 / 3 of all the stock of the bank shall be required before a bank may effect its voluntary

dissolution. B. If a bank has heretofore suspended or shall hereafter suspend the transaction of

its business, except that incidental to the liquidation and distribution of its assets,

and such suspension has heretofore continued or shall hereafter continue for a period

of not less than 12 months, and such bank has not been dissolved pursuant to law,

the commissioner may make an order, to be filed in the department, forfeiting the

bank's rights, powers and privileges as a corporation, and, upon such filing, the

corporate rights, powers and privileges of the bank shall cease, and the bank shall

thereupon be dissolved. This subsection shall not abridge or affect the rights and powers conferred by article

42. 1 1

N.J.S.A. §§ 17:9A-266 to 17:9A-304.