N.J. Admin. Code § 3:11-11.4 - Subsidiary companies
(a) A bank shall be prohibited from contributing to the capital or investing in the capital stock of a subsidiary
company, pursuant to N.J.S.A. 17:9A-24.12, in
which it has a capital or stock investment pursuant to some other provision of law.
(b) A bank may
contribute to the capital or invest in the capital stock of only those subsidiary companies which:
1. Engage in the
activities prescribed in this subchapter; and/or
2. Are specifically approved by the
Commissioner.
(c) This subchapter shall not prohibit a bank from making loans or incurring
liabilities authorized by a provision of law, other than N.J.S.A.
17:9A-24.12, to any subsidiary company in which the bank has contributed to the capital or invested in the capital
stock pursuant to this subchapter. The total liabilities, not including capital investments made pursuant to this subchapter, of any one subsidiary
company to the bank incurred by virtue of any provision of law, including this subchapter, are subject to the total liability limitations in
N.J.S.A. 17:9A-62.
Notes
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