New Jersey § 17:9a-393

§ 17:9a-393.

a. The board of directors of every mutual savings bank holding company shall have

the power to make, amend and repeal bylaws not inconsistent with this act, providing

for: (1) The management of its property; (2) The regulation and government of its affairs; (3) The terms of office, manner of appointment, and the duties and powers of its officers

and committees; and (4) Such other matters as the board from time to time deems advisable. b. The bylaws may provide for and the board may elect an executive committee of the

board, and other committees as the board may deem advisable. The executive committee may exercise all of the powers of the board, except that

the executive committee may not: (1) Exercise its powers while a quorum of the board is actually convened for the conduct

of business; (2) Declare a dividend or approve any other distribution to the parties in interest; (3) Make, alter, or repeal the bylaws of the holding company; (4) Elect or appoint any officer or director; or (5) Exercise any other power which this act specifically provides shall be exercised

by at least a majority of all the directors. The minutes of each meeting of the executive committee shall be presented to the board

of directors at its next meeting following the meeting of the executive committee.