New Jersey § 17:9a-406
Full text of New Jersey New Jersey Statutes § 17:9a-406, with citation guidance and answers to common questions.
§ 17:9a-406.
a. A subsidiary capital stock savings bank may, pursuant to a plan of merger approved
by the commissioner, merge with the organizing mutual savings bank or, pursuant to
a plan of consolidation approved by the commissioner, purchase or retain the assets
and assume the liabilities of the organizing mutual savings bank, whereupon the organizing
mutual savings bank shall dissolve pursuant to the provisions of article 32 of P.L.1948,
c. 67 ( C. 17:9A-207 ). b. Upon the merger of the organizing mutual savings bank with the subsidiary capital
stock savings bank or the purchase and assumption of the liabilities of the organizing
mutual savings bank: (1) The corporate existence of the organizing mutual savings bank shall be merged
with that of the subsidiary capital stock savings bank, and the property and rights
of the organizing mutual savings bank shall vest in the subsidiary capital stock savings
bank without further word or deed; (2) The subsidiary capital stock savings bank may, upon complying with the minimum
surplus requirements established by law or regulation, establish and maintain its
principal office and branch offices at the locations specified in the plan of merger
or consolidation; (3) The rights and obligations of the organizing mutual savings bank shall become
the rights and obligations of the subsidiary capital stock savings bank; and (4) Any pending action by or against an organizing mutual savings bank or a subsidiary
capital stock savings bank shall survive the merger or consolidation and the subsidiary
capital stock savings bank shall be substituted as a party for the organizing mutual
savings bank. c. The plan of merger or consolidation may contain a provision for the adjustment
of the interest of the depositors pursuant to section 201 of P.L.1948, c. 67 ( C. 17:9A-201 ). d. The plan of merger or consolidation shall provide that each depositor in the organizing
mutual savings bank shall receive an equivalent account in the subsidiary capital
stock savings bank.
Frequently Asked Questions About New Jersey § 17:9a-406
What does New Jersey Statutes § 17:9a-406 cover?
Section 17:9a-406 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-406?
A common citation format is "New Jersey Statutes § 17:9a-406" (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-406 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.