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| Home > Statutes > USA New Jersey |
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USA Statutes : new_jersey
Title : TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter : 17:3C-1.
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17:3C-1. Prohibition; exceptions
No banking institution, as said term is defined in section 1 of the Banking Act of 1948 (C. 17:9A-1), bank holding company, savings and loan association, credit union or any other lending institution which regularly accepts deposits from New Jersey residents not regularly employed by said lending institution or its affiliates or any parent company, subsidiary, affiliate or member bank of any thereof, shall be licensed or admitted to transact in this State, directly or indirectly, any class of insurance except credit life insurance, credit accident and health insurance, group creditor insurance, group mortgage cancellation life insurance, or group mortgage accident and health insurance. L.1975, c. 346, s. 1, eff. March 3, 1976.
17:4-9.1. Substitution of ~successor~ company for ~liquidating~ company as fiduciary; account; bond
Whenever a ~successor company~ has been or may hereafter be formed under and by virtue of the provisions of section 17:4-9 and has qualified to act as a fiduciary as provided for in section 17:4-41, subject to the exception hereinafter made, in order to facilitate and hasten the orderly liquidation and the winding up of the affairs of the ~liquidating company~ it shall and may be lawful for such ~successor company~ from time to time, to take over and become substituted as fiduciary in any or all matters in which said ~liquidating company~ has qualified; in any and all matters where in the sound judgment of the ~liquidating company~ and the ~successor company~ such substitution of fiduciary is deemed advisable, in the best interests of the trust or relation, and in aid of the winding up of the affairs of the ~liquidating company,~ ~liquidating company~ may file its account to date with the court having the jurisdiction thereof, and upon approval of such account and upon the discharge of the ~liquidating company~ from such trust or relation the said ~successor company~ shall succeed to all such rights, relations and trusts and the duties connected therewith, and shall execute and perform each and every such trust or relation in the same manner as if such ~successor company~ had itself originally assumed the trust or relation; provided, however, that the ~successor company~ shall assume no liabilities which may have been incurred by the ~liquidating company~ incident to its administration of such trust or relation. The ~successor company~ shall as to such matters succeed to all the rights and duties of the ~liquidating company~ and all fiduciary capacities, whether as administrator, coadministrator, executor, coexecutor, trustee or cotrustee, guardian, coguardian, assignee, coassignee, receiver, coreceiver, committee or committeeman of estates of lunatics, or in any other fiduciary capacity of or in respect to any estate or trust or other matter being administered under the laws of New Jersey, or as transfer agent or registrar of stocks and bonds, such relations as well as any other or similar fiduciary relations and all rights, privileges and duties connected therewith shall remain unimpaired, subject as aforesaid, and shall continue into and in the said ~successor company~ from and as of the date of discharge of the ~liquidating company~ from such trust or relation, by the court, irrespective of the date when such relationship may have been created or established, and irrespective of the date of said trust agreement relating thereto or the date of death of any trustor or decedent or lunatic or minor whose estate is being so administered or managed, and it shall not be necessary for said ~successor company~ to seek appointment in said estates by any court of this State; provided, further, that in all cases where the instrument under which the ~liquidating company~ qualified to act did not require the ~liquidating company~ to furnish bond, no such bond shall be required of the ~successor company~ as provided for in section 17:4-41, or otherwise. The terms ~successor company~ and ~liquidating company~ as used herein shall apply to and be construed to have the same meaning as is placed on said terms by section 17:4-9.
L.1942, c. 230, p. 630, s. 1.
17:6-53.1. Veterans@ loans as legal investments
Every savings bank, including any savings bank organized under a special charter as a stock company previous to March eighth, one thousand eight hundred and seventy-seven, may invest moneys deposited with it in:
(a) Veterans@ loans under the provisions of the Veterans@ Business Loan Act (1944) (P.L.1944, c. 126), as amended and supplemented from time to time; and
(b) Loans made to veterans under the provisions of Title III of the Servicemen@s Readjustment Act of 1944 (Public Law 346, 78th Congress, Chapter 268-2d Session), as amended or supplemented from time to time, in accordance with the rules and regulations made thereunder; provided, the Administrator of Veterans@ Affairs shall guarantee or make a commitment to guarantee any such loan under said Act of Congress.
L.1945, c. 81, p. 414, s. 1.
17:6-53.2. Mortgages securing veterans@ loans not subject to s.s. 17:6-55, 17:6-59
In case a mortgage on real or personal property is taken as security for any such loan, it shall not be subject to the provisions of sections 17:6-55 or 17:6-59 of the Revised Statutes; provided, however, that in every such case such property shall be located within the State of New Jersey.
L.1945, c. 81, p. 415, s. 2.
17:6-59.1. Legality of investments; sale of exchanged securities
a. The board of managers, in determining whether any bond, debenture, other security or investment meets the requirements as to the legality of investment therein, may rely and be fully protected in relying upon statistical, financial, corporate or other information as to such bond, debenture, other security or investment, and upon ratings or other opinion as to the financial or other status thereof, or its legality for investment, contained in or offered by any financial, statistical, investment, rating or other publication or service published for the use of and accepted as reliable by the Commissioner of Banking and Insurance;
b. An investment made by a savings bank, legal under the laws of this State when made, shall continue to be legal, anything in this act to the contrary notwithstanding, but nothing herein contained shall relieve the board of managers from the duty to exercise reasonable discretion in deciding whether to retain or to dispose of such investment; provided, however, that any securities issued in exchange therefor under any reorganization or recapitalization, if not legal for investment under this act, shall be sold or disposed of within five years from the time of acquisition by the savings bank unless upon application by said bank to the commissioner he shall extend the time for the sale or disposition thereof.
L.1944, c. 104, p. 273, s. 2.
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