17:9A-154.1 - Conversion without approval of state officials; certificate required

17:9A-154.1.  Conversion without approval of state officials; certificate required
    A bank, as defined in section 1 of  "An act concerning banking and banking institutions (Revision of 1948),"  approved April twenty-ninth, one thousand nine hundred and forty-eight (P.L.1948, c. 67) may, without the approval of any  officer, department, board or other agency of this State, convert itself into  and become a national banking association in the manner and with the effect  provided by the laws of the United States, as presently enacted, and as  hereafter from time to time supplemented or amended, governing the conversion  of a bank organized under State laws into a national banking association.  A  majority of the directors of such bank shall file in the Department of Banking  and Insurance a certificate over their signatures that the stockholders of the  bank have given their approval to the conversion of such bank into a national  banking association in the manner required by the laws of the United States,  and that such bank intends to act in pursuance thereof.  Upon the taking effect  of such conversion pursuant to the laws of the United States, the bank shall be deemed to have surrendered its charter. No bank shall convert itself into a national banking association unless a national banking association may, under  the laws of the United States, convert into a bank organized under State laws,  without approval by any United States authority, nor shall any bank convert  itself into a national banking association at any time when the laws of the  United States applicable thereto provide that such conversion may be effected  by vote of the shareholders owning less than fifty-one per centum (51%) of the  capital stock of such bank entitled to vote.

     L.1951, c. 41, p. 152, s. 7.