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Can you summarize 3 NJAC Chapter 32, Subchapter 3?
CONVERSIONS OF ASSOCIATIONS > MUTUAL STATE ASSOCIATION HOLDING COMPANIES
Short Summary
These legal documents pertain to the formation and approval process of mutual state association holding companies and their subsidiary capital stock state associations in New Jersey. They provide definitions for various entities involved in conversions of associations, such as ‘Capital stock state association’, ‘Commissioner’, ‘Department’, ‘Mutual state association’, ‘Mutual state association holding company’, ‘Organizing mutual state association’, ‘State association’, ‘Subsidiary capital stock state association’, and ‘Subsidiary holding company’. The documents outline the requirements for the application process, including the submission of a description of the proposed formation, certified copies of resolutions, and a certificate of incorporation. They also mention the need for proposed by-laws, submission of applications to Federal regulators, and potential additional requirements from the Commissioner. The Commissioner’s approval is required based on factors such as the best interests of depositors, qualifications and character of proposed officers and directors, public interest, adequate capitalization, and compliance with legal requirements. The documents also govern the composition and compensation of the board of directors and officers of mutual state association holding companies. They specify the number of directors, their election process, and the filling of vacancies. The documents allow for the election of officers such as Chairman of the Board, President, chief executive officer, Secretary, and Treasurer, with the board of directors having the authority to determine their compensation. The Commissioner has the power to reduce excessive compensation. Additionally, the documents address the division of surplus by mutual state association holding companies, allowing for equitable distributions to depositors of subsidiary capital stock state associations. The Commissioner can order the distribution of surplus if deemed excessive. Overall, these documents provide guidance and regulations for the establishment, governance, and operations of mutual state association holding companies and their subsidiary associations in New Jersey.
Whom does it apply to?
Individuals and entities involved in conversions of associations and mutual state association holding companies in New Jersey
What does it govern?
Conversions of associations and mutual state association holding companies
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