{"data":{"id":"us-nj/n.j.-stat.-17-9a-397","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-397","heading":"Incorporation of subsidiary bank","body":"The directors of a mutual savings bank holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock savings bank in accordance with this section through section 24 of this act, as a subsidiary of the mutual savings bank holding company.  They shall issue a certificate of incorporation stating:\na.   The name by which the subsidiary capital stock savings bank shall be known;\nb.   The street, street number and municipality in which the principal office of the subsidiary capital stock savings bank is to be located;\nc.   The names and addresses of the directors of the mutual savings bank holding company who will be the incorporators of the subsidiary capital stock savings bank;\nd.   The number of directors on the board of directors;\ne.   The names of the persons who will serve as directors until their successors are elected and qualified;\nf.   The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual savings bank holding company; and\ng.   The amount of surplus with which the subsidiary capital stock savings bank will commence business.\nL. 1987, c. 201, s. 16.","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":"0a768a0ab1baf1cf852cd4688ed6bb6d7fd3fbf6b39d441f0b04eb6e51111d01","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-396","next":"us-nj/n.j.-stat.-17-9a-398"},"notice":"GroundRules: Original legal text. Not legal advice."}