New Jersey § 17:9a-388
Full text of New Jersey New Jersey Statutes § 17:9a-388, with citation guidance and answers to common questions.
§ 17:9a-388.
The board of managers of an organizing mutual savings bank, by 2 / 3 vote of the board, may apply to the commissioner to form a mutual savings bank holding
company which may be formed in accordance with either subsection a., b., or c. of
this section. a. The board of managers of an organizing mutual savings bank may incorporate a mutual
savings bank holding company pursuant to the provisions of section 8 of this act, 1 and subsequently: (1) Convert to a capital stock savings bank pursuant to section 26 of this act; 2 or (2) If the mutual savings bank holding company has formed a subsidiary capital stock
savings bank pursuant to sections 16 through 24 of this act, 3 either (i) merge with the subsidiary capital stock savings bank pursuant to section
25 of this act 4 or (ii) sell or transfer its assets and liabilities to the subsidiary capital stock
savings bank and dissolve pursuant to article 32 of P.L.1948, c. 67 ( C. 17:9A-207 ); or b. The board of managers of an organizing mutual savings bank may form a mutual savings
bank holding company by: (1) Incorporating a subsidiary capital stock savings bank pursuant to sections 16
through 24 of this act; and (2) Transferring the substantial part of the organizing mutual savings bank's assets
and liabilities, including all of its deposit liabilities, to the subsidiary capital
stock savings bank in return for a majority of the capital stock of the subsidiary
capital stock savings bank in accordance with section 17 of this act. Capital deposits and surplus in an amount approved by the commissioner may be retained
by the organizing mutual savings bank, which shall be deemed a mutual savings bank
holding company, if it follows the procedures set forth in section 27 of this act; 5 or c. The board of managers of an organizing mutual savings bank may form a mutual savings
bank holding company by any other method of reorganization approved by the commissioner. 1
N.J.S.A. § 17:9A-389. 2
N.J.S.A. § 17:9A-407. 3
N.J.S.A. §§ 17:9A-397 to 17:9A-405. 4
N.J.S.A. § 17:9A-406. 5
N.J.S.A. § 17:9A-408.
Frequently Asked Questions About New Jersey § 17:9a-388
What does New Jersey Statutes § 17:9a-388 cover?
Section 17:9a-388 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-388?
A common citation format is "New Jersey Statutes § 17:9a-388" (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-388 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.