2020 New Jersey Revised Statutes
Title 17 - Corporations and Institutions for Finance and Insurance
Section 17:9A-411 - Approval of commissioner required for acquisition of New Jersey bank holding company, bank
17:9A-411. Approval of commissioner required for acquisition of New Jersey bank holding company, bank
30. 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.
L.1996,c.17,s.30.
