New Jersey Statutes 17:9A-24.2. Investment in bank service corporations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 17:9A-24.2
- 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.
2. Banks and savings banks may avail themselves of the services of bank service corporations, and may invest in bank service corporations, but no such investment shall be made
(a) by a bank, at any time when the total of all the bank’s investments in such corporation or corporations exceeds, or if the making of such an investment would cause such total to exceed, 10% of the bank’s unimpaired capital stock and surplus; or
(b) by a savings bank, at any time when the total of all the savings bank’s investments in such corporation or corporations exceeds, or if the making of such an investment would cause such total to exceed, 5% of the surplus of the savings bank.
L.1964,c.160,s.2; amended 1993,c.48,s.3.