New Jersey § 17:9a-37

§ 17:9a-37.

a. A bank may, without order or judgment of a court or officer, merge or combine two

or more of its own or its affiliate banks' common trust funds into a single common

trust fund, which single common trust fund may be administered by the bank or by its

affiliate bank ; provided that: (1) The combination or merger does not contravene the terms of the written plan for

each of the funds to be merged or combined. (2) There is a written plan governing the merger or combination of the funds which

has been approved by the board of directors, or by a duly authorized committee of

the bank or banks, which plan shall contain provisions, including, but not limited

to, a designation of which of the merging or combining common trust funds shall be

the surviving common trust fund, a specification of any amendments or changes in the

plan of operation of the surviving common trust fund, and a provision governing the

conversion of units of participation in the funds to be merged or combined into units

of participation in the surviving common trust fund, including the payment of cash

for fractional units. (3) Each trust estate having a participation in the common trust funds to be merged

or combined shall receive units in the surviving common trust fund based on its pro

rata interest in the value of the assets of the merging or combining common trust

funds as determined according to subsection b. of section 40 of P.L.1948, c. 67 ( C.17:9A-40 ). b. As used in this section, “common trust fund,” “bank,” “participation,” “trust estate,”

and “affiliate bank” shall have the same meaning as set forth in section 36 of P.L.1948,

c. 67 ( C.17:9A-36 ).