New Jersey Statutes 17:9A-27.3. Definitions
Terms Used In New Jersey Statutes 17:9A-27.3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(a) “commissioner” means the Commissioner of Banking and Insurance of New Jersey;
(b) “bank” includes banks and savings banks;
(c) “board of directors” includes the board of directors of a bank, and the board of managers, or the board of trustees, of a savings bank, but excludes the executive committee of a bank or savings bank:
(d) “predecessor bank” includes
(1) a predecessor bank and a predecessor savings bank as defined in section 16 of the act to which this act is a supplement; and
(2) a bank, savings bank and national bank which has been or shall be merged into or consolidated with a bank or savings bank, as the case may be; and
(3) a bank, savings bank and national bank all or a part of whose business has been or shall be taken over by a bank or savings bank, as the case may be;
(e) “successor bank” includes
(1) a successor bank and a successor savings bank as defined in section 16 of the act of which this act is a supplement; and
(2) a bank and a savings bank into which or with which a bank or banks, savings bank or savings banks, and national bank or national banks have merged or consolidated, or shall merge or consolidate; and
(3) a bank and a savings bank which has taken over or shall take over all or a part of the business of a bank or banks, savings bank or savings banks, or national bank or national banks;
(f) “plan” and “retirement plan” mean a plan which provides for the retirement of officers and employees of a bank or a savings bank, and for the payment to them for life, or for a stated time, of retirement benefits;
(g) “fund” and “retirement fund” mean,
(1) a fund accumulated or set aside pursuant to paragraphs (a) or (b) of section 8 of this act; and
(2) a fund to which contributions are made pursuant to paragraphs (d) and (e) of section 8 of this act; and
(3) group annuity or insurance contracts, or both, purchased pursuant to paragraphs (a), (b), (c) or (e) of section 8 of this act;
(h) “employee” means persons employed by a bank, and includes officers of a bank;
(i) “subsidiary” means a corporation at least two-thirds of whose outstanding capital stock or securities having voting rights are owned by a bank, and also means an association, trust or other entity in which a bank owns at least a two-thirds interest.
L.1953, c. 124, p. 1311, s. 3.