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Can you summarize NJST 17:16E-6?
Bank holding companies and financial institutions with common ownership; inapplicability of act
Short Summary
Nothing in this act shall prevent a person who is a director or officer of a bank holding company from being a director or officer of any one or more banks which are subsidiaries of such company, nor shall anything in this act prevent a person who is a director or officer of a bank which is a subsidiary of a bank holding company from being a director or officer of any one or more other banks which are subsidiaries of such holding company. When there are two or more financial institutions in which more than 50% of the stock is owned directly by the same persons, a person who is a director or officer of any one of such financial institutions may be a director or officer of any one or more of such other institutions. L.1975, c. 265, s. 6, eff. Jan. 1, 1976.
Jurisdiction
New Jersey