{"data":{"id":"us-nj/n.j.-stat.-17-12b-317","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:12B-317","heading":"Alternative to formation of subsidiary","body":"As an alternative to the formation of a subsidiary capital stock state association pursuant to the provisions of sections 16 through 24 of this act, an organizing mutual state association which has established a mutual state association holding company pursuant to sections 7 through 15 of this act may, in accordance with a plan approved by the commissioner, convert to a capital stock state association pursuant to the provisions of P.L.1974, c.137 (C.17:12B-244 et seq.), except that:\na.   Not less than a majority of the shares of the converted state association shall be held in the name of the mutual state association holding company; and\nb.   Any Department of Banking regulations promulgated pursuant to P.L.1974, c.137 (C.17:12B-244 et seq.) regarding a liquidation account shall not apply.\nL.1989,c.165,s.26.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"1ef7aed03f04ed34ae5925d5a17a5ec5df3d1425310c4256a6b82c55653656d1","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-12b-316","next":"us-nj/n.j.-stat.-17-12b-318"},"notice":"GroundRules: Original legal text. Not legal advice."}