For the purposes of this act:
a. "Board" means the board of directors of the credit union.
b. "Commissioner" means the Commissioner of Banking.
c. "Credit union" means any organization incorporated under the provisions of this act, or the laws of another state or the "Federal Credit Union Act," 48 Stat. 1216 (12 U.S.C. s. 1751 et seq.), which is a cooperative association organized for the purpose of promoting thrift among its members and creating a fund which will establish a source of credit for them for provident or productive purposes.
d. "Director" means a member of the board of directors.
e. "Member" means an owner of a share, deposit, or certificate in a credit union.
L.1984, c. 171, s. 2, eff. Oct. 31, 1984.
17:13-81 Incorporation of credit union; application; fee; certificate of incorporation.
3. a. Seven or more natural persons, all of whom are residents of this State, may incorporate a credit union on the terms and conditions provided for in this act. The incorporators shall apply to the Commissioner of Banking and Insurance, on a form supplied by the commissioner, for permission to incorporate a credit union. A certificate of incorporation, executed by the incorporators, shall be submitted with the application, as well as a fee of $50.
b.The certificate shall include:
(1)The proposed name of the credit union, and the street, street number, and name of the municipality in which it is to be located;
(2)The name and street address of its registered agent, where process may be served;
(3)The powers which the credit union proposes to exercise;
(4)Any natural person, group, or organization or combination of natural persons, groups or organizations permitted pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) to which membership will be limited;
(5)The number of directors proposed to serve on the board;
(6)The name and address of each of the proposed members, who shall be at least 30 in number, and the number of shares subscribed by each;
(7)The original par value of the shares of the corporation, which shall not be less than $5.00; and
(8)Any other provision not inconsistent with this act or with the laws of this State for the regulation of the business.
c. (1) The incorporators may provide in the certificate of incorporation that any group, combination of groups, organization, combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner;
(2)The members of a credit union may amend the certificate of incorporation to provide that any group, combination of groups, organization or combination of organizations or natural persons permitted to be included in a credit union field of membership pursuant to section 14 of P.L.1984, c.171 (C.17:13-92) may be added to the field of membership of the credit union by amendment to the credit union's bylaws, upon approval of the commissioner.
L.1984,c.171,s.3; amended 1998, c.133, s.1.
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Last modified: October 11, 2016