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Can you summarize 3 NJAC Chapter 6?
BANKING > GENERAL PROVISIONS
Short Summary
The provided legal document content covers various aspects related to banking activities in the state of New Jersey. It includes definitions for terms used in the New Jersey Administrative Code related to banking, such as ‘bank,’ ‘banking institution,’ ‘capital funds,’ ‘capital stock association,’ ‘capital stock savings bank,’ ‘de novo branch,’ ’executive officer,’ ‘foreign bank,’ ‘insured depository institution,’ ‘issuer,’ ‘mutual association,’ ‘qualified bank,’ ‘savings bank,’ ‘state association,’ and ’trust account.’ The documents also pertain to the approved depositories for investments comprising security funds, the limit on loans to an executive officer in banks, the general provisions of banking in New Jersey, the sales of Federal funds by State member banks, State nonmember banks, and savings banks, the conversion of savings bank charters, unsecured days funds transactions, the investment of cash held for fiduciary accounts, the parity between state banks and savings banks with federal and out-of-state institutions, the biennial fee for foreign banks operating in New Jersey, the liability of officers, managers, and their families and affiliates in savings banks, the qualified banks acquiring underwritten securities for their trust accounts, and the conversion of a bank to a capital stock savings bank in New Jersey. These documents apply to individuals and entities involved in banking activities in the state of New Jersey, including banks, savings banks, national banking associations, qualified banks, foreign banks, officers, managers, families, affiliates, and trust accounts. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Individuals and entities involved in banking activities in the state of New Jersey, banks, savings banks, national banking associations, qualified banks, foreign banks, officers, managers, families, affiliates, and trust accounts.
What does it govern?
Definitions for various terms used in the New Jersey Administrative Code related to banking, approved depositories for investments comprising security funds, limit on loans to an executive officer in banks, general provisions of banking in New Jersey, sales of Federal funds by State member banks, State nonmember banks, and savings banks, conversion of savings bank charters, unsecured days funds transactions, investment of cash held for fiduciary accounts, parity between state banks and savings banks with federal and out-of-state institutions, biennial fee for foreign banks operating in New Jersey, liability of officers, managers, and their families and affiliates in savings banks, qualified banks acquiring underwritten securities for their trust accounts, and conversion of a bank to a capital stock savings bank in New Jersey.
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