New Jersey Statutes 17:16X-1. Definitions regarding subsidiary mergers
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Terms Used In New Jersey Statutes 17:16X-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
1. For purposes of this act:
“Commissioner” means the Commissioner of Banking and Insurance.
“Financial institution” means a bank, savings bank or savings and loan association.
“Subsidiary” means a corporation, limited liability company, partnership or other entity in which a financial institution owns not less than 80% of that entity’s equity.
L.2000,c.70,s.1.