{"data":{"id":"us-nj/n.j.-stat.-17-13-81","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:13-81","heading":"Incorporation of credit union; application; fee; certificate of incorporation.","body":"3. a. Seven or more natural persons, all of whom are residents of this State, may incorporate a credit union on the terms and conditions provided for in this act.  The incorporators shall apply to the Commissioner of Banking and Insurance, on a form supplied by the commissioner, for permission to incorporate a credit union.  A certificate of incorporation, executed by the incorporators, shall be submitted with the application, as well as a fee of $50.\nb.\tThe certificate shall include:\n(1)\tThe proposed name of the credit union, and the street, street number, and name of the municipality in which it is to be located;\n(2)\tThe name and street address of its registered agent, where process may be served;\n(3)\tThe powers which the credit union proposes to exercise;\n(4)\tAny natural person, group, or organization or combination of natural persons, groups or organizations permitted pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) to which membership will be limited;\n(5)\tThe number of directors proposed to serve on the board;\n(6)\tThe name and address of each of the proposed members, who shall be at least 30 in number, and the number of shares subscribed by each;\n(7)\tThe original par value of the shares of the corporation, which shall not be less than $5.00; and\n(8)\tAny other provision not inconsistent with this act or with the laws of this State for the regulation of the business.\nc. (1) The incorporators may provide in the certificate of incorporation that any group, combination of groups, organization, combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner;\n(2)\tThe members of a credit union may amend the certificate of incorporation to provide that any group, combination of groups, organization or combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner.\nL.1984,c.171,s.3; amended 1998, c.133, s.1.","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":"d24ef1bea84577a94aa1e88f6b7289d9faf59ab7c2b7f18a23480150c206a0cf","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-13-80","next":"us-nj/n.j.-stat.-17-13-82"},"notice":"GroundRules: Original legal text. Not legal advice."}