New Jersey § 17:9a-411

§ 17:9a-411.

a. Except as otherwise expressly permitted by federal law, no person may acquire a

New Jersey bank holding company or a New Jersey bank without the prior approval of

the commissioner. b. The prohibitions in subsection a. of this section shall not apply if the acquisition

is made: (1) in a transaction arranged by the commissioner or another bank supervisory agency

to prevent the insolvency or closing of the acquired bank; or (2) in a transaction in which a bank forms its own bank holding company, if the ownership

rights of the former bank shareholders are substantially similar to those of the shareholders

of the new bank holding company. c. In a transaction for which the commissioner's approval is not required under this

section, the parties shall give written notice to the commissioner at least 15 days

before the effective date of the acquisition, unless a shorter period of notice is

required under applicable federal law.