New Jersey § 17:9a-405

§ 17:9a-405.

a. All other powers, rights, and privileges of a converted savings bank or a subsidiary

capital stock savings bank not expressly provided for in this act shall be governed

by the laws of this State relating to savings banks, including the laws relating to

capital stock savings banks, but in any case where any power of investment of a mutual

savings bank is limited to a percentage of its capital deposits or surplus, any limitation

upon a subsidiary capital stock savings bank shall be expressed in terms of total

capital funds, as defined by the commissioner by regulations. b. A subsidiary capital stock savings bank or a converted savings bank may merge with

a mutual savings bank or with a capital stock savings bank pursuant to the provisions

of Article 21 of P.L.1948, c. 67 ( C. 17:9A-132 et seq. ). In the event of the merger of a subsidiary capital stock savings bank or converted

savings bank with another savings bank, in which the resulting savings bank shall

be a subsidiary capital stock savings bank or capital stock savings bank held by a

mutual savings bank holding company, the plan of merger or consolidation shall provide

for the retention of any interests of the depositors of the merging or consolidating

savings bank in the assets of the resulting savings bank's parent mutual savings bank

holding company according to a fair valuation.