N.J. Admin. Code § 3:11-13.2 - Disqualification of directors

(a) A director of a bank who defaults for 30 days in payment of an undisputed obligation to the bank shall cease to be a director, and shall not be eligible for reappointment to the board until the next annual meeting.

(b) For purposes of (a) above, the following obligations shall constitute obligations of the director:

1. Obligations of the director; and

2. Obligations of a corporation or partnership which is controlled by the director.

(c) A director controls a corporation when the director has the power to directly or indirectly vote 25 percent or more of the voting stock, has the ability to control in any manner the election of a majority of the directors, or has the ability to exercise a controlling influence over the management and policies of the corporation. A director who is a general partner of a partnership controls that partnership for purposes of this section.

Notes

N.J. Admin. Code § 3:11-13.2

New Rule, R.1994 d.397, effective 8/1/1994.
See: 25 New Jersey Register 3586(b), 26 New Jersey Register 3163(a).