17:12B-46.1. Definitions relative to emergency closings

1. A. The following words as used in this act, unless a different meaning is plainly required by the context, shall have the following meaning:

(1) "Commissioner" means the Commissioner of Banking or any other person lawfully exercising the powers of such commissioner;

(2) "Association" means any State savings and loan association operating pursuant to the "Savings and Loan Act (1963)" P.L.1963, c.144 (C.17:12B-1 et seq.) and any out-of-State association with a branch office in this State;

(3) "Officers" means the person or persons designated by the board of directors of an association to act for the association in carrying out the provisions of this act;

(4) "Emergency" means any condition which makes the transaction of business, at one or more or all of the offices of an association or associations, contrary to the welfare and security of such office or offices or contrary to the health, safety or security of persons working in or making use of such office or offices. Without limiting the generality of the foregoing, an emergency may arise when any condition poses an imminent or existing threat to the welfare, safety or security of persons or property or both, such as any one or more of the following: forces of the natural elements, fire, explosions, epidemics, power failures, labor disputes, transportation failures, war, riots, civil commotions, and other acts of lawlessness or violence;

(5) "Office" means any place at which an association transacts business or conducts operations related to the transaction of business;

(6) "Person" includes natural persons, corporations, partnerships and associations.

B. This act shall apply to federal savings and loan associations having their principal offices or a branch office in this State to the extent that the provisions of this act are not inconsistent with and do not infringe upon federal laws, rules or regulations.

L.1968,c.150,s.1; amended 1996, c.17, s.92.