New Jersey § 17:9a-391

§ 17:9a-391.

a. The general powers of the mutual savings bank holding company shall be those powers

conferred on corporations pursuant to the provisions of N.J.S. 14A:3-1 , N.J.S. 14A:3-2 , N.J.S. 14A:3-4 , and N.J.S. 14A:3-5 . Mutual savings bank holding companies shall be subject to the requirements of chapter

4 of Title 14A of the New Jersey Statutes, article 28 of P.L.1948, c. 67 ( C. 17:9A-188 through C. 17:9A-195 ), article 29 of P.L.1948, c. 67 ( C. 17:9A-196 ) and article 30 of P.L.1948, c. 67 ( C. 17:9A-197 and C. 17:9A-198 ), to the extent that those requirements do not conflict with the provisions of this

act. b. In addition to other activities authorized by law for a mutual savings bank holding

company, a mutual savings bank holding company may: (1) With the prior approval of the commissioner, merge with or into, or consolidate

with, another mutual savings bank holding company or capital stock savings bank holding

company; (2) With the prior approval of the commissioner, incorporate a new subsidiary capital

stock savings bank pursuant to the provisions of sections 16 through 24 of this act; 1 except that paragraph (4) of subsection (a) of section 17 of this act shall not

apply to such subsidiary capital stock savings bank; (3) With the prior approval of the commissioner, convert itself into a capital stock

savings bank holding company, pursuant to applicable provisions of this act; (4) Issue capital debentures, which shall be legal investments for banks, savings

banks, savings and loan associations; and (5) Exercise such power or engage in such activity authorized for a bank holding company

or savings and loan holding company as the commissioner shall by regulation permit. c. The commissioner may exercise any of the powers vested in him by article 42 of

P.L.1948, c. 67 ( C. 17:9A-226 et seq. ) with respect to the affairs of the mutual savings bank holding company. The mutual savings bank holding company or capital stock savings bank holding company

shall be subject to the requirements of subsection a. of section 2, section 3, and

section 5 of P.L.1986, c. 6. 2 Whenever in said sections the term “bank holding company” is used it shall be deemed

to refer also to a mutual savings bank holding company or a capital stock savings

bank holding company and the term “bank” shall be deemed to refer also to a savings

bank. d. Notwithstanding the provisions of subsection b. of this section, or the provisions

of P.L.1986, c. 5 ( C. 17:9A-370 et seq. ), a mutual savings bank holding company or a capital stock savings bank holding company

shall not be granted authority to exercise any powers granted to a bank holding company

pursuant to P.L.1986, c. 5. 1

N.J.S.A. §§ 17:9A-397 to 17:9A-405. 2

N.J.S.A. §§ 17:9A-373, 17:9A-374, and 17:9A-377.