New Jersey § 17:9a-8
Full text of New Jersey New Jersey Statutes § 17:9a-8, with citation guidance and answers to common questions.
§ 17:9a-8.
The conversion of a savings bank into a capital stock savings bank shall be effected
in accordance with the plan of conversion adopted by two-thirds of the members of
the board, and approved by the commissioner, pursuant to the provisions of this act. The plan shall provide: a. That each depositor in the savings bank shall receive an equivalent type of account
in the capital stock savings bank equal in amount to his account in the savings bank; b. A record date for determining the respective interest of depositors in the savings
bank, which date shall be established and published by the commissioner from time
to time in his discretion; c. That participation in the initial issuance of capital stock by officers, directors,
and employees of the capital stock savings bank and their associates shall be in accordance
with regulations promulgated by the commissioner. For the purposes of this subsection, the term “ associate ” of a person shall mean parents, spouse, sisters, brothers, children or anyone married
to one of the foregoing persons; any corporation of which the person is an officer,
director or owner of more than 10% of the outstanding voting stock; any trust of
which the person is a trustee or substantial beneficiary; and any partnership in
which the person is a general or limited partner; d. That the interests of managers or directors, officers, employees and associates,
as that word is defined in subsection c. of this section, shall be disclosed in the
application for conversion filed with the commissioner; e. That each depositor as of the record date shall receive any rights with respect
to the capital stock of the capital stock savings bank as may be prescribed by the
commissioner; f. A date upon which the savings bank shall advise qualified depositors of their rights
and elections with respect to conversion. The form and content of the notice shall be prescribed by the commissioner; g. A provision for a liquidation account on terms established or approved by the commissioner.
Frequently Asked Questions About New Jersey § 17:9a-8
What does New Jersey Statutes § 17:9a-8 cover?
Section 17:9a-8 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-8?
A common citation format is "New Jersey Statutes § 17:9a-8" (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-8 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.