N.J. Admin. Code § 3:1-11.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:1-11.1 - Definitions

The following words or terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Affiliate" means a corporation, association, partnership or any type of business organization whatsoever, in which the banking institution, association or holding company owns at least 20 percent of the outstanding common stock unless the banking institution, association or holding company can rebut the presumption of the exercising of significant influence.

"Affiliated person" means the following:

1. A director, manager or executive officer of an institution or an affiliate of an institution;

2. Any corporation or organization (other than the bank or a majority-owned subsidiary of the bank) of which such person is an officer or partner or is directly or indirectly, either alone or together with one or more members of his immediate family, the beneficial owner of 10 percent or more of any class or equity securities;

3. Any trust or other estate in which such person has a substantial beneficial interest or as to which such person serves as a trustee or in a similar fiduciary capacity;

4. A spouse of a director, manager or executive officer of an institution or an affiliate of an institution.

5. A member of the immediate family of a director, manager or executive officer of an institution or an affiliate of an institution.

"Executive officer" means a person who participates or has authority to participate, other than in the capacity of a director, in major policy-making functions of the institution, whether or not: the person has an official title; the title contains a designation of assistant; the person is serving without salary or other compensation. The chairman of the board, the president, every vice president, the cashier, the secretary, the treasurer and the comptroller are considered to be executive officers, unless by resolution of the board of directors or by the bylaws of the institution any such executive officer is excluded from participation in major policy-making functions, other than in the capacity of a director, and the executive officer does not actually participate therein.

"Immediate family" of any natural person means the following (whether by the full or half blood or by adoption):

1. Such person's spouse, father, mother, children, brothers, sisters and grandchildren;

2. The father, mother, brothers and sisters of such person's spouse; and

3. The spouse of a child, brother or sister of such person.

"Institution" means a bank or a savings bank as defined in 17:9A-1 and a State association as defined in 17:12B-5(1).

N.J. Admin. Code § 3:1-11.1

As amended, R.1982 d.243, eff. 8/2/1982.
See: 14 New Jersey Register 490(b), 14 New Jersey Register 834(b).
Amended definition of "Executive officer." Changed senior to executive officer.
Amended by R.1985 d.556, effective 11/4/1985.
See: 17 New Jersey Register 2073(b), 17 New Jersey Register 2606(b).
Added "or a savings bank" to Institution.
Amended by R.1991 d.48, effective 2/4/1991.
See: 22 New Jersey Register 3425(a), 23 New Jersey Register 294(b).
Corrected internal cite to N.J.S.A.
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
In "Affiliated person", inserted new 1 and recodified existing 1 through 4 as 2 through 5.