New Jersey § 17:9a-207

§ 17:9a-207.

A. If the managers of a savings bank deem it advisable and in the public interest

that the savings bank be dissolved, they shall, by the vote of at least 2 / 3 of all the managers, at a regular or at a special meeting called for the purpose

upon not less than 20 days written notice, adopt a resolution to that effect. B. A copy of the resolution, certified by any 2 officers of the savings bank, shall

be filed in the department, together with an affidavit by such officers that the resolution

was adopted in the manner prescribed by subsection A of this section, and the commissioner

shall thereupon fix a time and place for a hearing, and shall require publication

of notice of the impending dissolution to be made in newspapers and for the period

specified in section 10. 1 C. If, as a result of such hearing, and upon proof by affidavit of 2 officers of the

savings bank that publication of the notice has been made pursuant to subsection B

of this section, the commissioner shall determine that it is in the public interest

that the savings bank be dissolved, he shall make an order accordingly, to be filed

in the department, and shall designate a date in such order upon which the dissolution

shall become effective. D. On and after that date so fixed by the commissioner, the savings bank shall be

dissolved, and it shall transact no further business except that concerned with the

winding up of its affairs. Upon its dissolution pursuant to this section, or pursuant to section 17, 2 or pursuant to any other law of this State, the managers shall become trustees in

dissolution, and the savings bank, its managers and creditors, including depositors,

shall be subject to the provisions of chapter 12 of Title 14A of the New Jersey Statutes

to the extent that such provisions are not inconsistent with this act. 1

N.J.S.A. § 17:9A-10. 2

N.J.S.A. § 17:9A-17.