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Can you summarize 3 NJAC Chapter 11?
BANKING > INVESTMENTS
Short Summary
The provided legal document content covers various aspects related to investments by banks and their subsidiary companies, including restrictions on equity security investments, contributions to and investments in subsidiary companies, permissible activities for subsidiary companies, examination and supervision of subsidiary companies, and approval procedures for specific investments or activities. The documents also govern commercial loans made by savings banks, borrowing limitations of directors, executive officers, and related interests, and the authority granted to savings banks and state associations to engage in credit card operations. These documents apply to banks, savings banks, state associations, subsidiary companies, directors, executive officers, and related interests involved in the banking industry. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, savings banks, state associations, subsidiary companies, directors, executive officers, related interests
What does it govern?
Investment activities of banks, savings banks, or state associations in various types of securities, capital stock of banks or corporations primarily engaged in international or foreign banking, capital stock of domestic operating subsidiaries, common stock in specific corporations, limitation of liability to a bank, savings bank, or state association, standby letters of credit, authority granted to savings banks and state associations to engage in credit card operations, equity security investments by banks, contributions to and investments in subsidiary companies by banks, permissible activities for subsidiary companies, examination and supervision of subsidiary companies by the Commissioner, approval procedures for specific investments or activities, commercial loans made by savings banks, borrowing limitation of directors, executive officers, and related interests in the banking industry
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New Jersey