New Jersey § 17:9a-197
Full text of New Jersey New Jersey Statutes § 17:9a-197, with citation guidance and answers to common questions.
§ 17:9a-197.
Notwithstanding the provisions of section 197 of P.L.1948, c. 67 ( C.17:9A-197 ), a savings bank may, by amending its certificate of incorporation in the manner
provided in section 198 of P.L.1948, c. 67 ( C.17:9A-198 ), provide that a manager or officer shall not be personally liable, or shall be liable only to the extent therein provided,
to the savings bank or its depositors for damages for breach of any duty owed to the
savings bank or its depositors, except that such provision shall not relieve a manager
or officer from liability for an act or omission (a) in breach of such person's duty
of loyalty to the savings bank or its depositors, (b) not in good faith or involving
a knowing violation of law or (c) resulting in receipt by such person of an improper
personal benefit. As used in this section, an act or omission in breach of a person's duty of loyalty
means an act or omission which that person knows or believes to be contrary to the
best interests of the savings bank or its depositors in connection with a matter in
which he has a material conflict of interest. The Commissioner of Banking shall approve such amendment unless he finds that it unreasonably
affects the interests of the depositors.
Frequently Asked Questions About New Jersey § 17:9a-197
What does New Jersey Statutes § 17:9a-197 cover?
Section 17:9a-197 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-197?
A common citation format is "New Jersey Statutes § 17:9a-197" (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-197 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.