New Jersey § 17:9a-24

§ 17:9a-24.

A qualified bank, as defined in section 1 of the act to which this act is a supplement

( C. 17:9A-1 ), shall have power to subscribe for, purchase, and hold stock of one or more clearing

corporations as defined in N.J.S. 12A:8-102 provided that a. in the case of a qualified bank which is a savings bank, the amount invested in

such stock shall not exceed 5% of its surplus; b. in the case of a qualified bank which is not a savings bank, the amount invested

in such stock shall not exceed 10% of its capital stock and surplus; c. each investment in such stock shall first have been authorized by a resolution

stating the number of shares to be acquired and the amount to be paid therefor, adopted

by its board of directors or board of managers in the case of a qualified bank which

is a savings bank, and, in the case of a qualified bank which is not a savings bank,

approved by a majority in interest of its stockholders at an annual or special meeting;

and d. each investment in such stock shall have been approved in writing by the Commissioner

of Banking.