ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 582

STATE OF NEW JERSEY

DATED: MARCH 4, 1996

      The Assembly Financial Institutions Committee reports favorably Assembly Bill No. 582.

      This bill changes the minimum number required to serve on the board of directors of a State chartered savings and loan association from six to five. This would make this number consistent with the minimum number required for State chartered banks and savings banks.

      This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.