{"data":{"id":"us-nj/n.j.-stat.-17-9a-24.7","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-24.7","heading":"Investments in stock of clearing corporations by qualified banks","body":"A qualified bank, as defined in section 1 of the act to which this act is a  supplement (C. 17:9A-1), shall have power to subscribe for, purchase, and hold  stock of one or more clearing corporations as defined in N.J.S. 12A:8-102  provided that\na.  in the case of a qualified bank which is a savings bank, the amount invested in such stock shall not exceed 5% of its surplus;\nb.  in the case of a qualified bank which is not a savings bank, the amount  invested in such stock shall not exceed 10% of its capital stock and surplus;\nc.  each investment in such stock shall first have been authorized by a resolution stating the number of shares to be acquired and the amount to be paid therefor, adopted by its board of directors or board of managers in the case of a qualified bank which is a savings bank, and, in the case of a qualified bank which is not a savings bank, approved by a majority in interest of its stockholders at an annual or special meeting;  and\nd.  each investment in such stock shall have been approved in writing by the  Commissioner of Banking.\nL.1973, c. 360, s. 1, eff. Jan. 2, 1974.","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":"a7cdcf957c9a5d8deb602716361cac514b942ecd14810e8150f4746413891e72","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-24.6","next":"us-nj/n.j.-stat.-17-9a-24.8"},"notice":"GroundRules: Original legal text. Not legal advice."}