{"data":{"id":"us-nj/n.j.-stat.-17-16m-4","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:16M-4","heading":"Approval of conversion by commissioner","body":"The commissioner shall not approve an application of a State association to convert to a savings bank unless the commissioner finds, after appropriate investigation, and a public hearing if deemed by the commissioner to be necessary, that the following requirements have been met:\na.   The application is complete;\nb.   The converting State association was insured by the Federal Deposit Insurance Corporation, and the resulting savings bank will also be insured by that agency;\nc.   The converting State association satisfies all capital maintenance requirements for State associations set forth by the Federal Deposit Insurance Corporation, any other federal regulator and the department;\nd.   The converting State association is not subject to any outstanding supervisory order, agreement or memorandum of understanding of the Federal Deposit Insurance Corporation, any other federal regulator or the department;\ne.   The proposed conversion will result in a savings bank that will satisfy all capital maintenance requirements for savings banks set forth by the Federal Deposit Insurance Corporation, any other federal regulator and the department;\nf.   Directors or managers designated in the certificate of incorporation possess the qualifications, experience and character required for the duties and responsibilities with which they will be charged; and\ng.   The interests of the State association's depositors and creditors, and the public generally, will not be jeopardized by the proposed conversion.\nL.1991,c.42,s.4.","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":"615952a556c38f5416294bfcc176b9cd0cb56e3478e7af052f16634c6aeb976a","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-16m-3","next":"us-nj/n.j.-stat.-17-16m-5"},"notice":"GroundRules: Original legal text. Not legal advice."}