New Jersey § 17:9a-396

§ 17:9a-396.

Upon the formation of a mutual savings bank holding company pursuant to the provisions

of this act, the depositors of the organizing mutual savings bank shall retain the

same interests in the assets of the mutual savings bank holding company as they had

in the organizing mutual savings bank and, upon the reorganization of an organizing

mutual savings bank into a mutual savings bank holding company and a subsidiary capital

stock savings bank pursuant to this act, the depositors of the subsidiary capital

stock savings bank shall retain the same interests in the mutual savings bank holding

company. Any interests in the assets of the mutual savings bank holding company which are

placed in a liquidation account as provided in section 8 of this act 1 shall be for the benefit of the depositors of the organizing mutual savings bank,

or the depositors of the subsidiary capital stock savings bank, as the case may be. Upon the merger or consolidation of a mutual savings bank holding company or capital

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

the merger or consolidation agreement shall provide for the retention of any interests

of the respective depositors of the subsidiary capital stock savings bank or banks

in the assets of the merged or consolidated mutual savings bank holding companies

according to a fair valuation, as approved by the commissioner. 1

N.J.S.A. § 17:9A-389.