State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-12b > 17-12b-318

17:12B-318.  Contents of amended certificate of incorporation      In the event that the board of directors elects to follow the procedures provided in paragraph (2) of subsection c. of section 7 of this act, the directors shall, with the approval of the commissioner:

    a.   Adopt an amended certificate of incorporation which changes the name of the organizing mutual state association and conforms its organization, governance and powers to those prescribed for a mutual state association holding company by section 8 and sections 10 through 15 of this act.

    b.   The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state:

  

    (1)  The amount of capital deposits and surplus which are to be retained by the organizing mutual state association holding company;

  

    (2)  The amount of assets and liabilities of the organizing mutual state association that are to be transferred to the subsidiary capital stock state association; and

  

    (3)  A means of retaining any interests of the respective members of the organizing mutual state association in the assets of the organizing mutual state association, according to a fair valuation, including assets which are proposed to be retained by the organizing mutual state association holding company.

    L.1989,c.165,s.27.