P.L. 1997, CHAPTER 303, approved January 8, 1998

Assembly, No. 582





An Act concerning directors of State chartered savings and loan associations and amending P.L.1963, c.144.


    Be It Enacted by the Senate and General Assembly of the State of New Jersey:


    1. Section 62 of P.L.1963, c.144 (C.17:12B-62) is amended to read as follows:

    62. Directors, number, powers. The business and affairs of every State association shall be managed and directed by a board of directors. The board shall consist of such number as the bylaws provide, but not less than [six] five. Each director shall be a citizen of the United States and shall be either a member of the mutual association or a stockholder of the capital stock association, as the case may be. He shall have such other qualifications and meet such eligibility requirements, as this act and the bylaws provide. The board may exercise any and all powers of a State association not expressly reserved to the members of the mutual association or the stockholders of the capital stock association by the provisions of this act and the bylaws. All checks, notes and drafts of the State association shall be executed in a manner and form determined by resolution of the board of the State association. If the bylaws so provide, the board may delegate any of its powers to any committee composed of members of the board.

(cf: P.L.1974, c.137, s.7)


    2. This act shall take effect immediately.




    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.




Changes minimum number required for board of directors of State chartered savings and loan associations from six to five.