Section 17:9A-24.7 - Investments in stock of clearing corporations by qualified banksA 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
a. 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;b. 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;c. 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; andd. each investment in such stock shall have been approved in writing by the Commissioner of Banking.L.1973, c.360, s.1, eff. 1/2/1974.