N.J. Admin. Code § 3:32-2.3

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

Section 3:32-2.3 - Application for conversion

(a) An application for a conversion from an association to a savings bank shall contain the following:

1. A certified copy of the resolution of the board of directors authorizing the conversion;

2. A certified copy of the resolution adopted by the stockholders or members relating to the plan of conversion, containing the following information:

i. The total number of votes eligible to be cast;

ii. The total number of votes represented in person or by proxy at the special meeting;

iii. The total number of votes cast in favor and against each matter; and

iv. The percentage of votes cast in favor and against each matter.

3. A certificate of incorporation for the new savings bank; and

4. Copies of all applications for Federal regulatory approval and all approvals required in connection with the conversion, or, if no application or approval is required, a statement or opinion of counsel to that effect.

(b) The Commissioner may require the applicant to supply one or more of the following items:

1. Biographical information for any of the incorporators and/or directors on forms approved by the Commissioner;

2. A completed form from the New Jersey State Police requesting criminal history record information for any director and/or incorporator, along with a cashier's check, certified check or money order for the applicable amount, payable to the "Division of State Police--S.B.I.";

3. A copy of the association's most recent quarterly financial report; and

4. A business plan and financial projections for the converted savings bank for the next three years. Projections shall include a consolidated balance sheet and a profit and loss statement projected for the end of each year.

N.J. Admin. Code § 3:32-2.3

Amended by R.1998 d.559, effective 12/7/1998.
See: 30 N.J.R. 3124(a), 30 N.J.R. 4209(a).
In (a), deleted former 4 through 7, recodified former 8 and 9 as 4 and 5, and added N.J.A.C reference at the end of the new 5; and added (b).
Amended by R.2004 d.115, effective 3/15/2004.
See: 35 N.J.R. 5187(a), 36 N.J.R. 1355(b).
In (a)5, amended N.J.A.C. reference.
Amended by R.2009 d.231, effective 7/20/2009.
See: 41 N.J.R. 8(a), 41 N.J.R. 2777(c).
In (a)3, inserted "and" at the end; in (a)4, substituted a period for "; and" at the end; and deleted (a)5.