N.J. Stat. tit. 17, ch. 14A

N.J. Stat. tit. 17, ch. 14A
in effect

N.J. Stat. § 17:14A-1 Definitions

As used in this chapter: a. "Commissioner" means the Commissioner of Banking of New Jersey; b. "Department" means the Department of Banking of New Jersey; c. "Safe Deposit Company" means a corporation organized for the purpose of keeping, maintaining and renting for hire safe deposit boxes for the safekeeping of personal property; d. "Safe deposit box" means a receptacle for the safekeeping of personal property; e. "Lessor" means a safe deposit company; f. "Safe" means a place for the storage and safekeeping of personal property; g. "Vault" means a room or compartment that is designed for the storage and safekeeping of personal property, including safes and safe deposit boxes and having a size and shape which permits entrance and movement within by one or more persons. L.1983, c. 566, s. 17:14A-1.

N.J. Stat. § 17:14A-2 Applicability of chapter

This chapter shall apply to all corporations organized prior to and after the effective date of this chapter. L.1983, c. 566, s. 17:14A-2.

N.J. Stat. § 17:14A-3 Carrying on safe deposit business

A corporation organized under any law other than this chapter shall not be authorized to carry on a safe deposit business, but this section shall not apply to State or federally chartered banks, savings banks, savings and loan associations or credit unions. L.1983, c. 566, s. 17:14A-3.

N.J. Stat. § 17:14A-4 Use of words "safe deposit"

A corporation organized under any law other than this chapter shall not use the words "safe deposit" as part of its name. L.1983, c. 566, s. 17:14A-4.

N.J. Stat. § 17:14A-5 Reservation of power

This chapter may be supplemented, altered, amended or repealed by the Legislature, and every corporation to which this chapter applies shall be bound thereby. L.1983, c. 566, s. 17:14A-5.

N.J. Stat. § 17:14A-6 Incorporators

Any five or more persons who are residents of this State, hereinafter referred to as incorporators, may associate to form a corporation for the purposes of a safe deposit company upon the terms and conditions set forth in this chapter. L.1983, c. 566, s. 17:14A-6.

N.J. Stat. § 17:14A-7 Certificate of incorporation

The incorporators shall personally sign and prove or acknowledge as is required for deeds of real estate, a certificate of incorporation, which shall state: a. The name of the corporation, which shall contain the words "safe deposit" , and the name of the corporation shall not be one already in use by another corporation nor so similar thereto as to deceive the public or lead to uncertainty or confusion; b. The street, street number, if any, and the municipality in this State where its business is to be carried on; c. Its purposes and objects; d. The amount of its capital stock, which shall not be less than $200,000.00 and shall be divided into shares having a par value of not less than $2.00 per share and be fully subscribed for in the certificate; e. The name, residence (including street and number, if any) post office address and occupation of each incorporator; f. The number of shares subscribed for by each incorporator; g. The period, if any, limited for the duration of the company; and h. The certificate may contain any provisions, consistent with the provisions of this chapter, which the incorporators may choose to insert for the regulation of its business, the conduct of its affairs, or for the defining, limiting and regulating the powers of its directors. L.1983, c. 566, s. 17:14A-7.

N.J. Stat. § 17:14A-8 Original bylaws

The original bylaws of the corporation shall be adopted by the incorporators. L.1983, c. 566, s. 17:14A-8.

N.J. Stat. § 17:14A-9 Application to commissioner for approval; notice of hearing

The certificate of incorporation and the bylaws shall be submitted to the commissioner for his approval. Within 10 days thereafter, the commissioner shall give written notice to each incorporator, of the time and place designated by him for a hearing, by mailing the notice to each incorporator at the post-office address stated in the certificate of incorporation. The time designated for the hearing shall be not less than six weeks nor more than eight weeks after the date after receipt by the commissioner of the application. L.1983, c. 566, s. 17:14A-9.

N.J. Stat. § 17:14A-10 Publishing notice of application and hearing by incorporators

The incorporators shall give public notice of the application and of the time and place designated by the commissioner for the hearing thereon, by publishing it prior to the time of hearing at least once a week for four weeks in at least one newspaper published and circulating in the municipality where the principal office of the safe deposit company will be located. If there is no newspaper published in the municipality, the notice shall be published in a newspaper having a general circulation in the municipality. The notice shall also state the proposed name of the company, the name of the municipality where the principal office of the company will be located, the names and addresses, both residence and post office, of the incorporators, and the aggregate amount which they have agreed to invest in the company before it commences business. L.1983, c. 566, s. 17:14A-10.

N.J. Stat. § 17:14A-11 Mailing copy of notice to other companies; request to commissioner to furnish names

The incorporators shall also mail or cause to be mailed, at least three weeks prior to the time designated for the hearing, a copy of the notice to all safe deposit companies having principal or branch offices within the county where the principal office of the proposed company is to be located. The commissioner shall, upon the request of the incorporators, furnish a written list showing the names and street addresses of all safe deposit companies to which the notice shall be sent. L.1983, c. 566, s. 17:14A-11.

N.J. Stat. § 17:14A-12 Hearing; examination or investigation by commissioner

At the hearing on the application to approve the certificate of incorporation or at any adjournment granted by the commissioner, anyone desiring to be heard shall be given the opportunity to be heard. The commissioner shall also make an independent examination or investigation of the application as the circumstances shall require. The commissioner may, in writing, waive a hearing on the application to approve the certificate of incorporation. L.1983, c. 566, s. 17:14A-12.

N.J. Stat. § 17:14A-13 Commissioner's findings

The commissioner shall approve the application and issue a certificate of approval which shall be endorsed upon or annexed to the certificate of incorporation if he finds that: a. The establishment of the company is in the public interest; and b. Will be of benefit to the area proposed to be served; and c. The amount of the capital stock appears adequate or if he deems it inadequate the amount of capital stock or other form of capital investment he deems appropriate; and d. The company will have a reasonable prospect of success; and e. The character, responsibility and general fitness of the incorporators command confidence and warrant belief that the business of the company will be honestly and efficiently conducted; and f. The name proposed for the company conforms with the requirements of this chapter and that the proposed bylaws are proper; and g. The company has filed proofs as to the mailing of notice and publication required by the chapter. L.1983, c. 566, s. 17:14A-13.

N.J. Stat. § 17:14A-14 Commissioner's decision

Within 30 days after the close of the hearing, the commissioner shall announce his decision upon such application and file in his office, a written memorandum stating the reasons therefor which shall be open to public inspection; and he shall forthwith thereafter give written notice thereof to the incorporators. L.1983, c. 566, s. 17:14A-14.

N.J. Stat. § 17:14A-15 Filing certificate of incorporation as evidence

If the application is approved by the commissioner, he shall endorse upon or annex to the certificate of incorporation a certificate of approval and the certificate of incorporation shall be filed in the department. The certificate or a copy thereof duly certified by the commissioner shall be evidence in all courts and places. L.1983, c. 566, s. 17:14A-15.

N.J. Stat. § 17:14A-16 Beginning of corporate existence; transaction of business

Upon the filing of the certificate of incorporation as provided in R.S. 17:14A-15, the subscribers to the certificate, their successors and assigns, shall be a corporation by the name stated in the certificate, subject to the provisions of this chapter, but a safe deposit company shall not transact any business whatsoever, except that relating to its organization, until it has received a certificate of authority from the commissioner to transact business as hereinafter provided. L.1983, c. 566, s. 17:14A-16.

N.J. Stat. § 17:14A-17 Payment of capital; filing proof with commissioner

The full amount of capital shall be paid in, in cash, before a safe deposit company transacts any business, except that which relates to its organization. The payment shall be certified to the commissioner under oath of two of its officers. L.1983, c. 566, s. 17:14A-17.

N.J. Stat. § 17:14A-18 Certificate of authority to transact business

The commissioner shall issue a certificate of authority to a safe deposit company in which it shall be stated that the safe deposit company therein named has complied with the provisions of this chapter and is authorized to begin the transaction of business specified in the certificate of incorporation when he shall have verified by examination that: a. The certificate of incorporation has been filed as provided in R.S. 17:14A-15; b. The entire capital stock as stated in the certificate of incorporation has been fully paid in cash, unconditionally and without reservation; c. The cash paid in or the capital stock is on deposit in a banking institution in this State, without offset, claim or demand whatsoever, and subject to withdrawal upon demand; and d. Proof to the satisfaction of the commissioner that the proposed officers of the safe deposit company who will have control or supervision of the company's operations possess the qualifications, experience and character required for the duties and responsibilities with which they will be charged. A copy of the certificate of authority shall be filed in the department. L.1983, c. 566, s. 17:14A-18.

N.J. Stat. § 17:14A-19 Time within which to issue certificate or notify company of refusal

The commissioner shall, within 30 days after receipt of the company's certificate of incorporation and the verified certificate certifying as to the payment of capital, issue the certificate of authority to transact business or notify the safe deposit company in writing of his reasons for refusing it. L.1983, c. 566, s. 17:14A-19.

N.J. Stat. § 17:14A-20 Review of refusal to issue certificate of authority

The commissioner's failure to issue the certificate of authority or to notify the company in writing of his reasons for refusal to issue the certificate of authority within the time specified in R.S. 17:14A-19 shall be subject to review by appeal to the Appellate Division of the Superior Court. L.1983, c. 566, s. 17:14A-20.

N.J. Stat. § 17:14A-21 Dissolution for failure to obtain certificate of authority or commence business

If a safe deposit company shall fail to obtain a certificate of authority within six months from the date of the commissioner's approval of its certificate of incorporation or within the extended time hereinafter provided, or if the safe deposit company shall fail to commence business within six months after the issuance of the certificate of authority or within the extended time hereinafter provided, the commissioner may make an order, to be filed in the department, forfeiting the safe deposit company's rights, powers and privileges as a corporation, and upon the filing of the order the corporate rights, powers and privileges of the safe deposit company shall cease. The commissioner may, upon good cause shown, extend the time to obtain a certificate of authority or commence business. The extension or extensions shall be for a period or periods as the commissioner may specify, not exceeding 12 months in all, and shall be evidenced by a certificate or certificates of the commissioner filed in the department. L.1983, c. 566, s. 17:14A-21.

N.J. Stat. § 17:14A-22 Tolling of time to obtain certificate of authority or commence business

If proceedings are instituted to review the commissioner's approval of an application to file a certificate of incorporation or to review the commissioner's failure to issue a certificate of authority, the period from the date of the commissioner's approval or failure to issue a certificate of authority to the entry of the final judgment in the proceedings shall not be considered in computing any 12 months' period limited in R.S. 17:14A-21. L.1983 c. 566, s. 17:14A-22.

N.J. Stat. § 17:14A-23 Powers

In addition to the powers conferred by Title 14A of the New Jersey Statutes, Corporations, General, so far as they are not inconsistent with the provisions of this chapter, a safe deposit company may, as lessor, lease vaults, safe deposit boxes and other receptacles for the storage and safe keeping of personal property upon terms and conditions as may be prescribed by the safe deposit company with the lessees of the vaults, safe deposit boxes and other receptacles, but a safe deposit company shall not make any loans or advances upon any property left with it for storage nor have the power to transact the business of a bank, savings bank or savings and loan association or any other business except that of a safe deposit company. L.1983, c. 566, s. 17:14A-23.

N.J. Stat. § 17:14A-24 Directors; number; election; term

The affairs of a safe deposit company shall be managed by a board of at least five directors elected by the stockholders of the company at each annual meeting. The persons receiving the greatest number of votes shall be the directors. The directors shall hold office for one year and until their successors are elected and qualified. L.1983, c. 566, s. 17:14A-24.

N.J. Stat. § 17:14A-25 Directors; voting rights of stockholders

At a meeting of stockholders for the election of directors, a stockholder shall be entitled to one vote for each share of stock owned. A stockholder may vote by a proxy in writing signed by him. L.1983, c. 566, s. 17:14A-25.

N.J. Stat. § 17:14A-26 Directors; oath

Each director shall, following his election and before the assumption of any duties as a director, take an oath that he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the safe deposit company, and that he will not knowingly violate or knowingly permit to be violated any provision of this chapter. The oath subscribed by the director and certified by the officer before whom it is taken shall be transmitted to and filed in the office of the commissioner. L.1983, c. 566, s. 17:14A-26.

N.J. Stat. § 17:14A-27 Bonding of directors, officers and employees

Every safe deposit company shall, at its own expense, cause to be bonded, by a surety company or companies authorized to transact business in New Jersey, each director, all officers and employees of the company in an amount as shall be approved by the board of directors. The bonds may be individual bonds or may be one or more blanket bonds. The board of directors shall annually examine all the bonds, shall pass upon their sufficiency and may require a new bond or bonds or increases in the amounts thereof. The commissioner may from time to time order an increase in the amounts of the bonds. A bond shall not be deemed to comply with this section unless the bond contains a provision that it shall not be cancellable for any cause unless notice of intention to cancel is filed in the office of the commissioner at least five days before the day upon which cancellation is to take effect. L.1983, c. 566, s. 17:14A-27.

N.J. Stat. § 17:14A-28 Bonding of directors, officers and employees; waiver

If a safe deposit company is unable to obtain the bond or bonds required by R.S. 17:14A-27, the commissioner may, in his discretion, waive the requirements of R.S. 17:14A-27 for a period of one year, upon terms as he may deem appropriate, that the company is adequately capitalized and that a waiver will not otherwise endanger the financial condition of the company. L.1983, c. 566, s. 17:14A-28.

N.J. Stat. § 17:14A-29 Branch offices; capital requirements; location

A safe deposit company may, pursuant to a resolution of its board of directors and by an amendment to its certificate of incorporation to increase its capital stock in an amount of at least $100,000.00 for each branch office to be established and maintained, establish and maintain a branch office or offices as hereinafter provided. L.1983, c. 566, s. 17:14A-29.

N.J. Stat. § 17:14A-30 Branch offices; application, approval

Before a branch office shall be established, the safe deposit company shall file a written application in the department for the commissioner's approval. The commissioner shall, within 90 days after the filing of the application, approve the application if he finds, after investigation or hearings or both, that: a. The safe deposit company has complied with R.S. 17:14A-29; b. The interests of the public will be served to advantage by the establishment of the branch office; and c. The conditions in the locality in which the proposed branch is to be established afford reasonable promise of successful operation. L.1983, c. 566, s. 17:14A-30.

N.J. Stat. § 17:14A-31 Branch offices; failure to open and operate

The failure of a safe deposit company to open and operate a branch office within six months after the commissioner approves the application therefor shall automatically terminate the right of safe deposit company to open the branch office, and it shall make no further application to establish a branch office at the location, or in the area which would be served by a safe deposit company doing business at the location, until after the expiration of one year from the date of such approval; except that, for good cause shown, the commissioner may, in his discretion, on application of the safe deposit company made before the expiration of the six months period, extend for additional periods, not in excess of six months each, the time within which the branch office may be opened. L.1983, c. 566, s. 17:14A-31.

N.J. Stat. § 17:14A-32 Branch offices; discontinuance

By resolution of its board of directors, a safe deposit company may discontinue a branch office. Upon adoption of the resolution, the safe deposit company shall file a certificate in the department specifying the location of the branch office to be discontinued, and the date upon which the discontinuance shall be effective. L.1983, c. 566, s. 17:14A-32.

N.J. Stat. § 17:14A-33 Change of principal or branch office; application

A safe deposit company may change the location of its principal office or of a branch office to a location by filing an application in the department. L.1983, c. 566, s. 17:14A-33.

N.J. Stat. § 17:14A-34 Change of principal or branch office; approval

The commissioner shall approve the application for a change of location of the principal office of a safe deposit company or a branch office if it shall appear from the application or from any investigation he may make that the area to be served by the office after its change in location would not be substantially different from the area previously served by the office. L.1983, c. 566, s. 17:14A-34.

N.J. Stat. § 17:14A-35 Merger

Any safe deposit company may, with the approval of the commissioner, merge with any other safe deposit company, bank, savings bank or savings and loan association subject to any applicable law relating to the merger of banks, savings banks or savings and loan associations as hereinafter provided. In a merger with a bank, savings bank or savings and loan association, the surviving company shall be a bank, savings bank or savings and loan association. L.1983, c. 566, s. 17:14A-35.

N.J. Stat. § 17:14A-36 Merger agreement; authorization

The boards of directors of each company proposing to merge shall authorize the execution of a merger agreement which shall contain: a. The names of the safe deposit companies proposing to merge and the location of the principal office and branch offices of the merging company; b. The name of the company into which they propose to merge, which is hereinafter designated as the surviving company; c. The location of the principal office of the surviving company; d. The names of the persons who will be the directors of the surviving company; e. The names of the persons who will be the officers of the surviving company; f. The locations then occupied by the principal offices, branch offices of the merging companies and the surviving company which will be continued as branch offices of the surviving company; g. The effective date of the merger; h. The amount of capital stock, the number of shares into which it will be divided, the par value of each share, which the surviving company will have after the merger is affected; i. The manner and basis of converting the shares of each merging company into shares, other securities, or obligations of the surviving company, or into cash or other consideration which may include shares or other securities or obligations of a corporation not a party to the merger, or into any combinations thereof; j. A statement of any amendments in the certificate of incorporation of the surviving company to be effected by the merger; and k. Any other provisions, not inconsistent with this chapter, which may be necessary or appropriate to effect the merger. L.1983, c. 566, s. 17:14A-36.

N.J. Stat. § 17:14A-37 Consolidation

Any two or more safe deposit companies may, with the approval of the commissioner, consolidate into a new company as hereinafter provided. L.1983, c. 566, s. 17:14A-37.

N.J. Stat. § 17:14A-38 Consolidation plan; authorization

The boards of directors of each safe deposit company proposing to consolidate into a new company shall authorize the execution of a plan of consolidation which shall contain: a. The names of the safe deposit companies proposing to consolidate; b. The name of the new company into which the safe deposit companies propose to consolidate, which is hereinafter designated as the new company; c. The location of the principal office of the new company; d. The names of the persons who will be directors of the new company; e. The names of the persons who will be officers of the new company; f. The effective date of the consolidation; g. The amount of capital stock, the number of shares into which it will be divided, the par value of each share, which the new company will have after the consolidation is effective; h. The manner and basis of converting the shares of each company into shares, other securities or obligations of the new company, or into cash or other consideration which may include shares or other securities or obligations of a corporation not a party to the consolidation, or any combination thereof; i. With respect to the new corporation, all of the statements required to be set forth in the certificate of incorporation for companies organized under this chapter, except it will not be necessary to set forth the names and addresses of each incorporator; and j. Any other provisions, not inconsistent with this chapter, which may be necessary or appropriate to effect the consolidation. L.1983, c. 566, s. 17:14A-38.

N.J. Stat. § 17:14A-39 Approval or disapproval of merger agreement or consolidation plan by commissioner

The merger agreement or consolidation plan, executed by all the parties thereto, shall be submitted to the commissioner who shall, within 60 days from the date of submission, endorse thereon his approval or disapproval. If the commissioner shall disapprove the agreement or plan, he shall forthwith file a memorandum in the department stating the reasons for his disapproval, and shall mail a copy of the memorandum to each of the companies which is a party to the merger agreement or consolidation plan. The commissioner shall not withhold his approval unless he shall find that the merger agreement or consolidation plan contains provisions which do not conform to this chapter, or that the merger or consolidation will not be in the public interest. L.1983, c. 566, s. 17:14A-39.

N.J. Stat. § 17:14A-40 Review of commissioner's disapproval of merger agreement or consolidation plan

The commissioner's disapproval of a merger agreement or consolidation plan, as provided in R.S. 17:14A-39, shall be subject to review by appeal to the Appellate Division of the Superior Court. L.1983, c. 566, s. 17:14A-40.

N.J. Stat. § 17:14A-41 Submission of merger agreement or consolidation plan to stockholders

If the commissioner approves the merger agreement or consolidation plan, or if the merger agreement or consolidation plan is approved after review as provided in R.S. 17:14A-40, it shall, within 180 days after the date of approval, be submitted to the stockholders of each of the companies which are parties to the agreement or plan, at separate meetings called for that purpose upon at least 20 days' notice prior to the meeting, by mail, postage prepaid, addressed to each stockholder at his address as it appears on the books of the company. The notice shall specify the place, day and the hour of the meeting and the nature of the business to be transacted. A copy of the merger agreement or consolidation plan shall be mailed to each stockholder of each company, together with the notice of the meeting. L.1983, c. 566, s. 17:14A-41.

N.J. Stat. § 17:14A-42 Approval by stockholders; filing agreement or plan

If the merger agreement or consolidation plan is approved by the affirmative vote of 2/3 of the stockholders of each company, that fact shall be certified as to each company by its president or a vice president and the certifications shall be attached to the merger agreement or consolidation plan and filed in the department at which time it shall become effective. L.1983, c. 566, s. 17:14A-42.

N.J. Stat. § 17:14A-43 Merger agreement or consolidation plan as evidence

A copy of the merger agreement or consolidation plan, certified by the commissioner, shall be evidence in all courts and places. L.1983, c. 566, s. 17:14A-43.

N.J. Stat. § 17:14A-44 Recording copy of merger agreement or consolidation plan with county recording officer

A copy of the merger agreement or consolidation plan, certified by the commissioner, may be recorded in the office of the county recording officer charged with the duty of recording instruments affecting title to real property in the county, and the record shall have the same effect as if duly executed and acknowledged deeds to real property and assignments of mortgages affecting real or personal property owned by the merging or consolidating companies had been made and delivered by the merging companies to the surviving company and the consolidating companies to the new company, and had been duly recorded. L.1983, c. 566, s. 17:14A-44.

N.J. Stat. § 17:14A-45 Effect of merger or consolidation

Upon the merger or consolidation of two or more safe deposit companies: a. The parties to the merger agreement or plan of consolidation shall be a single company, which, in the case of a merger, shall be the corporation designated in the merger agreement as the surviving company, and in the case of a consolidation, shall be the new company provided for in the consolidation plan; b. The separate existence of all parties to the merger agreement or consolidation plan, except the surviving company or new company, shall cease; c. The surviving or new company shall, to the extent consistent with its certificate of incorporation as amended or established by the merger or consolidation, possess all the rights, privileges, powers, immunities, purposes and franchises, both public and private, of each of the merging or consolidating companies; d. All real property and personal property, tangible and intangible, of every kind and description, belonging to each of the companies so merged or consolidated shall be vested in the surviving or new company without further act or deed, and the title to any real estate, or any interest therein, vested in any of the companies shall not revert or be in any way impaired by reason of the merger or consolidation; e. The surviving or new company shall be liable for all the obligations and liabilities of each of the companies so merged or consolidated, and any claim existing or action or proceeding pending by or against any of the companies may be enforced as if the merger or consolidation had not taken place and neither the rights of creditors nor any liens upon, or security interests in, the property of any of the companies shall be impaired by the merger or consolidation; f. In the case of a merger, the certificate of incorporation of the surviving company shall, without further act or deed, be amended to the extent, if any, stated in the plan of merger, and, in the case of a consolidation, the statements set forth in the certificate of consolidation and which are required or permitted to be set forth in the certificate of incorporation of companies organized under this chapter shall be the certificate of incorporation of the new company; and g. The directors named in the merger agreement or consolidation plan shall be the directors of the surviving company or new company and shall serve until the time new directors are elected at the annual meeting of stockholders following the effective date of the merger or consolidation. L.1983, c. 566, s. 17:14A-45.

N.J. Stat. § 17:14A-46 Merger or consolidation; issuance of new stock certificates

A surviving company or the new company resulting from a merger or consolidation shall require each stockholder of a company participating in a merger or consolidation to surrender his certificates of capital stock of each participating company, and shall upon the surrender thereof, issue or deliver in lieu thereof, certificates for the number of its own shares of capital stock, or other securities or obligations of the surviving company or new company, or cash or other consideration including shares or other securities or obligations of a corporation not a party to the merger or consolidation, as the stockholder is entitled to receive pursuant to the terms of the merger agreement or consolidation plan. L.1983, c. 566, s. 17:14A-46.

N.J. Stat. § 17:14A-47 Liability of stockholders

The holders of shares of capital stock of a safe deposit company shall not be liable, by reason of their owning the stock, for any debts, contracts or obligations of the safe deposit company. L.1983, c. 566, s. 17:14A-47.

N.J. Stat. § 17:14A-48 Language in rental agreement

An agreement for the rental of vaults, safe deposit boxes, and other receptacles for the storage and safekeeping of personal property shall be written in simple, clear, understandable and easily readable language as provided in P.L.1980, c. 125 (C. 56:12-1 et seq.). L.1983, c. 566, s. 17:14A-48.

N.J. Stat. § 17:14A-49 Notice to lessee as to insurance and contents of vaults, etc.

An agreement for the rental vaults, safe deposit boxes or other receptacles for the storage and safekeeping of personal property shall contain language in bold face type substantially as follows: Important Notice The contents of your vault, safe deposit box or storage receptacle are not protected against loss by the lessor unless specifically indicated in this notice, and for your protection you may wish to secure your own insurance for protection against loss with an insurance company of your own choice. You should keep a complete list and description of all your property stored in your vault, safe deposit box or storage receptacle and any available proof of ownership. A copy of the notice shall be posted in the principal office of the company and in each branch office and shall be given to each lessee before the lessee enters into an agreement for the rental of a vault, safe deposit box or other receptacle for the storage and safekeeping of personal property. L.1983, c. 566, s. 17:14A-49.

N.J. Stat. § 17:14A-50 Books and records

A safe deposit company shall keep and maintain all books and records required by law and in addition thereto shall keep and maintain all books and records as may be required under rules and regulations promulgated by the commissioner pursuant to P.L.1958, c. 66 (C. 17:1-8.1 et seq.), and a list setting forth the names and addresses of all lessees, together with the numbers of their respective safe deposit boxes. L.1983, c. 566, s. 17:14A-50.

N.J. Stat. § 17:14A-51 Proceedings for unpaid rental

17:14A-51. If the amount due for the rental of any vault, safe deposit box or receptacle for the storage and safekeeping of personal property of any safe deposit company or bank, savings bank, or savings and loan association authorized to conduct a safe deposit business under the laws of this State has not been paid for one year, the safe deposit company, bank, savings bank, savings and loan association may at any time after the expiration of the year send a written notice by registered mail addressed to the lessee or lessees in whose name the vault, safe deposit or receptacle stands on its records, directed to the address on its records, that if the rental for the vault, safe deposit box or receptacle is not paid within 30 days after the date of the mailing of the notice, it will have the vault, safe deposit box or receptacle opened in the presence of one of its officers and of a notary public not in its employ, and the contents thereof, if any, placed in a sealed package by the notary public, marked by him with the name of the lessee or lessees in whose name the vault, safe deposit box or receptacle stands and the estimated value thereof, and the package so sealed and marked will be placed in one of the general vaults, safes or boxes of the safe deposit company, bank, savings bank or savings and loan association. The notary's proceedings shall be set forth in a certificate under his official seal, and the certificate shall be delivered to the savings and loan association, bank, savings bank or safe deposit company. The safe deposit company, bank, savings bank or savings and loan association shall have a lien on the contents of the vault, safe deposit box or receptacle so removed for the amount due to it for the rental of the vault, safe deposit box or receptacle up to the time of the removal of the contents, and for the costs and expenses, if any incurred in its opening, repairing and restoration for use. If the lien is not paid and discharged within one year from the opening of the vault, safe deposit box or receptacle and the removal of its contents, the safe deposit company, bank, savings bank or savings and loan association may sell the contents at public auction, or so much thereof as is required, to pay and discharge the lien and expenses of sale. A notice of the date, time and place of the sale shall be advertised in a newspaper having a general circulation in the county within which the principal office of the safe deposit company, bank, savings bank or savings and loan association is located, at least once a week for two successive weeks prior to the sale. The safe deposit company, bank, savings bank or savings and loan association may retain from the proceeds of sale the amount due to it for its lien and the expenses of sale. The balance of the proceeds of the sale and the unsold contents, if any, shall be held to be paid and delivered to the lessee or owner of the contents of the vault, safe deposit box or receptacle so sold. If the balance of the proceeds of sale and the unsold contents, if any, remain unclaimed by the owner for the time prescribed in the "Uniform Unclaimed Property Act (1981)," R.S.46:30B-1 et seq., it shall be presumed to be abandoned and disposed of as therein provided. L.1983, c.566, s.17:14A-51; amended 1989,c.58,s.4.

N.J. Stat. § 17:14A-52 Accessibility to vault, safe deposit box or receptacle

The right of access to a vault, safe deposit box or receptacle rented to a lessee by a safe deposit company shall be governed by the rental agreement, the provisions of P.L.1955, c. 151 (C. 46:39-1 et seq.), R.S. 54:35-19 and R.S. 54:35-20. L.1983, c. 566, s. 17:14A-52.

N.J. Stat. § 17:14A-53 Control of safe deposit company

It shall be unlawful for any person or company, except with the approval of the commissioner, to acquire control of a safe deposit company incorporated under this chapter. L.1983, c. 566, s. 17:14A-53.

N.J. Stat. § 17:14A-54 Control of safe deposit company; "control" defined

As used in R.S. 17:14A-53, "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a safe deposit company, whether by means of the ownership of the stock or equity interests of the safe deposit company by means of a contractual arrangement, or otherwise. Control shall be presumed to exist if any person or company, directly or indirectly, owns, controls or holds with power to vote 10% or more of the stock of the safe deposit company or of any company which owns, controls or holds with power to vote 10% or more of the stock of the safe deposit company, but a person shall not be deemed to control a safe deposit company solely by reason of his being an officer or director of the safe deposit company. L.1983, c. 566, s. 17:14A-54.

N.J. Stat. § 17:14A-55 Control of safe deposit company; "company" defined

As used in R.S. 17:14A-53, "company" means a corporation, joint stock company, business trust, investment trust, general or limited partnership, voting trust, association, and any similar organized group of persons, whether incorporated or not, and whether or not organized or incorporated under the laws of this State or any other state or any territory or possession of the United States or under the laws of a foreign country, territory, colony or possession thereof. L.1983, c. 566, s. 17:14A-55.

N.J. Stat. § 17:14A-56 Control of safe deposit company; application to commissioner

A person or company seeking to acquire control of a safe deposit company shall file a written application therefor with the commissioner which shall be in such form and contain such information as the commissioner may require. L.1983, c. 566, s. 17:14A-56.

N.J. Stat. § 17:14A-57 Control of safe deposit company; investigation by commissioner

After the filing of the application as provided in R.S. 17:14A-56, the commissioner shall conduct an investigation to determine whether: a. The acquisition of control of the safe deposit company is not contrary to law; b. The acquisition of control of the safe deposit company is in the best interest of the public; c. The character, responsibility and general fitness of the person or company seeking to acquire control of the safe deposit company are such as to command confidence and warrant belief that the business of the safe deposit company will be honestly and efficiently conducted in a manner consistent with the public interest, the interests of lessees and creditors of the safe deposit company; and d. The exercise of control of the safe deposit company may impair the safe and sound conduct of the business of the safe deposit company, the conservation of its assets or public confidence in its business. L.1983, c. 566, s. 17:14A-57.

N.J. Stat. § 17:14A-58 Control of safe deposit company; approval or disapproval of application

The commissioner shall notify the applicant in writing of his approval or disapproval of the application to acquire control within 90 days after its filing unless he shall advise the applicant in writing before the expiration of the 90-day period of his determination to extend the period for an additional 90 days. If the commissioner shall disapprove the application, he shall set forth his reasons therefor in the notification to the application. L.1983, c. 566, s. 17:14A-58.

N.J. Stat. § 17:14A-59 Control of safe deposit company; review of commissioner's disapproval

The commissioner's disapproval of an application to acquire control of a safe deposit company shall be subject to review by appeal in the Appellate Division of the Superior Court. L.1983, c. 566, s. 17:14A-59.

N.J. Stat. § 17:14A-60 Communications received from the commissioner

Every official communication directed to and received by a safe deposit company or any of its officers or directors shall be submitted to the board of directors at the board's next meeting following receipt and noted in the minutes of the meeting. L. 1983, c. 566, s. 17:14A-60.

N.J. Stat. § 17:14A-61 Examination of safe deposit company affairs; by whom made

The board of directors of a safe deposit company shall have an examination of the company's affairs made, from time to time, by or under the supervision of a person who is a certified public accountant, a public accountant or a person whose qualifications for making the examination have been approved by the commissioner. A person who is an officer, director or employee of the company or who was an officer, director or employee of the company within a period of 13 months preceding the commencement of the examination shall not participate in any examination required by this section. L. 1983, c. 566, s. 17:14A-61.

N.J. Stat. § 17:14A-62 Examination of safe deposit company affairs; scope

The scope of examinations made as required by R.S. 17:14A-61 shall be as determined by regulations of the commissioner or, in the absence of regulations, by the board of directors of the company. L. 1983, c. 566, s. 17:14A-62.

N.J. Stat. § 17:14A-63 Examination of safe deposit company affairs; when made

An examination pursuant to R.S. 17:14A-61 shall be made at least once in each calendar year and shall be commenced not less than six months and not more than 15 months following the commencement of the preceding examination made pursuant to R.S. 17:14A-61, but an examination shall not be commenced when an examination is being made pursuant to R.S. 17:14A-70. The board of directors may, whenever it deems it advisable, have examinations made of the company's affairs other than as required by this section. L. 1983, c. 566, s. 17:14A-63.

N.J. Stat. § 17:14A-64 Examination of safe deposit company affairs; report; statement by directors; filing

Within 60 days after completion of an examination made pursuant to R.S. 17:14A-61, a report thereof, in a form prescribed by the commissioner, certified by the person by whom and under whose supervision the examination was made, shall be presented to the directors at a meeting of the board. The board of directors shall have a statement prepared setting forth in detail the assets and their values, liabilities and net worth of the company. Within the time specified in this section, the directors shall file a copy of the statement and a certified copy of the report with the commissioner. L. 1983, c. 566, s. 17:14A-64.

N.J. Stat. § 17:14A-65 Examination of safe deposit company affairs; curtailment or extension of time by commissioner

The commissioner shall have power, for good cause shown, to curtail the six-month period, and to extend the 15-month period specified in R.S. 17:14A-63 for a period not exceeding one month in either case, and to extend the 60-day period specified in R.S. 17:14A-64 for a period not exceeding 30 days. An extension or curtailment shall not be allowed by the commissioner which will result in the lapse of a calendar year without the commencement of an examination pursuant to R.S. 17:14A-63. L. 1983, c. 566, s. 17:14A-65.

N.J. Stat. § 17:14A-66 Reports to commissioner as to assets and liabilities

A safe deposit company shall make and file with the commissioner, in the form prescribed by the commissioner, periodic reports as the commissioner may from time to time request setting forth in detail and under appropriate heads the assets and liabilities of the company at the close of business on any day specified by the commissioner. The report shall be filed by the company within 10 days after receipt of the request. The report shall be attested by at least three directors who are not officers of the company, and shall be verified by the oaths of at least two officers of the company. The commissioner may extend the time within which the report shall be filed for not more than 10 days. L. 1983, c. 566, s. 17:14A-66.

N.J. Stat. § 17:14A-67 Special reports as to condition of company

The commissioner shall have the power to call for special reports from a safe deposit company when, in his judgment, a special report is necessary to obtain a full and complete knowledge as to the company's condition. The special report shall be filed with the commissioner within 10 days after receipt of the request. L. 1983, c. 566, s. 17:14A-67.

N.J. Stat. § 17:14A-68 Penalty for failure to make and file report

A safe deposit company which fails to make and file a report as required pursuant to R.S. 17:14A-66 and R.S. 17:14A-67 shall be subject to a penalty of $100.00 for each day during which the failure continues, to be recovered by the State in a civil action prosecuted by the Attorney General. L. 1983, c. 566, s. 17:14A-68.

N.J. Stat. § 17:14A-69 Publication of report

A summary of each report filed pursuant to R.S. 17:14A-66, in a form prescribed by the commissioner, shall be published by the safe deposit company once in a newspaper having a general circulation in the county in which the company's principal office is located within two weeks after the report is filed. The cost of publication shall be paid by the company and a proof of publication filed with the commissioner. A copy of the report shall be made available to any person requesting it. L.1983, c. 566, s. 17:14A-69.

N.J. Stat. § 17:14A-70 Examination of safe deposit companies by commissioner

The commissioner shall, whenever and as often as he shall deem it advisable, cause the affairs of every safe deposit company to be examined to determine whether the company is conducting its business in conformity with the laws of this State and its certificate of incorporation, and with safety to its lessees, creditors and the public. The officers and employees of every safe deposit company, being examined shall exhibit to the examiners all its securities, books, records and accounts and shall otherwise facilitate the examination so far as it may be in their power. L.1983, c. 566, s. 17:14A-70.

N.J. Stat. § 17:14A-71 Examination of safe deposit companies by commissioner; examination of witnesses

The commissioner, a deputy commissioner, and every examiner assigned by the commissioner or by a deputy commissioner to examine the affairs of a company may administer an oath to any person whose testimony is required for the purposes of the examination. The commissioner or deputy commissioner may compel the appearance of any person for the purposes of examination, by subpena ad testificandum and the production of books, papers, documents or records by subpena duces tecum. L.1983, c. 566, s. 17:14A-71.

N.J. Stat. § 17:14A-71.1 Examinations confidential

Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall be confidential and shall not be made public by any officer, director or employee of a safe deposit company. L.1983, c. 566, s. 17:14A-71.1.

N.J. Stat. § 17:14A-71.2 Examinations confidential; evidence; subpenas

Every report and copy of a report of examination of a safe deposit company made by or under the supervision of the commissioner shall not be subject to subpena or to admission into evidence in any court, except pursuant to an order of the court made upon notice of the commissioner affording the commissioner an opportunity to advise the court of reasons for excluding the report or any portion thereof from evidence. The court shall order the issuance of a subpena for the production of or the admission into evidence of a report or portion thereof only after it is satisfied that it is material and relevant to the issues in the proceedings, and the ends of justice and the public interest will be served thereby. This section shall not apply to any action or proceeding instituted by the commissioner or the Attorney General pursuant to any law of this State. L.1983, c. 566, s. 17:14A-71.2.

N.J. Stat. § 17:14A-72 Commissioner's powers on ultra vires, unlawful and unsafe practices

If the commissioner finds that a safe deposit company is violating the provisions of its certificate of incorporation, or is conducting its business in violation of any law of this State, or in an unsafe manner, he shall order the safe deposit company to cease its ultra vires, unlawful or unsafe practices, as the case may be. L.1983, c. 566, s. 17:14A-72.

N.J. Stat. § 17:14A-73 Review of commissioner's order to cease ultra vires, unlawful or unsafe practices

An order of the commissioner made pursuant to R.S. 17:14A-72 shall be subject to review by appeal to the Appellate Division of the Superior Court. The institution of proceedings for review shall suspend the accrual of the penalties provided for by R.S. 17:14A-74 until the final determination of the proceedings. L.1983, c. 566, s. 17:14A-73.

N.J. Stat. § 17:14A-74 Penalty for failure to comply with commissioner's order as to ultra vires, unlawful and unsafe practices

A safe deposit company which continues to violate the provisions of its certificate of incorporation or which continues to conduct its business in violation of any law of this State, or in an unsafe manner, after having been ordered by the commissioner to cease those practices, shall be liable to a penalty of $1,000.00 to be recovered with costs by the State in a court of competent jurisdiction in a civil action prosecuted by the Attorney-General, and it shall be liable to a like penalty for each day's additional default from and after the time specified in the order. The penalty provided by this section shall be in addition to and not in lieu of any other provision of law applicable upon a safe deposit company's failure to comply with an order of the commissioner. L.1983, c. 566, s. 17:14A-74.

N.J. Stat. § 17:14A-75 Removal of director or officer

Whenever, in the opinion of the commissioner, any director or officer of a safe deposit company has and continues to violate any law relating to a safe deposit company or has or continues unsafe or unsound practices in conducting the business of the safe deposit company after having been directed by the commissioner to discontinue the violation of law or the unsafe or unsound practices, the commissioner may cause notice to be served upon the director or officer to appear and show cause before him why he should not be removed from office. A copy of a notice so served shall be sent to each of the other directors of the safe deposit company by registered mail. If, after granting the director or officer a reasonable opportunity to be heard, the commissioner finds that he has and continues to violate any law relating to the safe deposit company, or has and continues unsafe or unsound practices in conducting the business of the safe deposit company, after having been directed by the commissioner to discontinue the violation of law or the unsafe or unsound practices, the commissioner may make an order removing the director or officer from office. A copy of the order shall be served upon the director or officer and upon the safe deposit company of which he is a director or officer. After the service of the copies of the order, the director or officer shall cease to be a director or officer of the safe deposit company. L.1983, c. 566, s. 17:14A-75.

N.J. Stat. § 17:14A-76 Participation in management of company after removal from office

Any director or officer who, after service upon him of a copy of the order removing him from office, participates in any manner in the management of the safe deposit company is guilty of a disorderly persons offense. L.1983, c. 566, s. 17:14A-76.

N.J. Stat. § 17:14A-77 Record of proceedings to remove director or officer not to be made public; exception

No part of the record of any proceedings under R.S. 17:14A-75 shall be made public or disclosed to anyone except the director or officer involved and the other directors of the safe deposit company involved, except in connection with proceedings brought pursuant to R.S. 17:14A-76. L.1983, c. 566, s. 17:14A-77.

N.J. Stat. § 17:14A-77.1 Review of commissioner's order to remove director or officer

An order by the commissioner made pursuant to R.S. 17:14A-75 shall be subject to review by appeal to the Appellate Division of the Superior Court. L.1983, c. 566, s. 17:14A-77.1.

N.J. Stat. § 17:14A-78 Costs of examination of safe deposit company

Every safe deposit company shall pay to the commissioner for the use of the State the reasonable costs of each examination of its affairs made pursuant to this chapter. The Attorney General may prosecute an action in the name of and for the benefit of the State, in a court of competent jurisdiction, against any safe deposit company which fails to pay the costs of examination. L.1983, c. 566, s. 17:14A-78.

N.J. Stat. § 17:14A-79 Filing documents and reports

All documents and reports which are required to be filed by a corporation pursuant to the provisions of Title 14A, Corporations, General, of the New Jersey Statutes and which apply to a safe deposit company shall be filed in the department. L.1983, c. 566, s. 17:14A-79.

N.J. Stat. § 17:14A-80 Custodial possession by commissioner; causes

The commissioner shall have the authority to institute an action in the Superior Court to take custodial possession of the property of any safe deposit company: a. Which has filed for bankruptcy or has been adjudicated a bankrupt; b. Which is insolvent or has been placed in receivership; c. Against which any proceedings have been instituted for bankruptcy, insolvency, receivership, agreement of composition or assignment for the benefit of creditors; d. Against which a summary dispossess action has been instituted; e. Against which has been issued a judgment, writ of execution, levy or sale; f. Which has violated the provisions of its certificate of incorporation or any law of this State; g. Which has refused to submit its books, papers, records, documents, and things to the inspection of the commissioner or any examiner appointed by him; h. Whose officer or director has refused to be examined upon oath concerning the affairs of the safe deposit company or has refused to answer questions under oath or to produce any books, papers, records, or documents of the safe deposit company in his possession, custody or control; i. Which has suspended its business for want of funds to carry on its business; j. Which is, in the opinion of the commissioner, in an unsafe or unsound condition to transact business. L.1983, c. 566, s. 17:14A-80.

N.J. Stat. § 17:14A-81 Custodial possession by commissioner; purpose

Possession by the commissioner shall be for the sole purpose of serving as a custodian of the safe deposit company until the lessees of the vaults, safe deposit boxes and other receptacles have removed their personal property therefrom after notice from the commissioner or upon removal by the commissioner to a place of safe storage. L.1983, c. 566, s. 17:14A-81.

N.J. Stat. § 17:14A-82 Custodial possession by commissioner; return of property to management of safe deposit company

If and when the commissioner determines that the cause or causes for his taking custodial possession of a safe deposit company have been removed or remedied, he may return the property of the safe deposit company to the control and management of its officers and directors. L.1983, c. 566, s. 17:14A-82.

N.J. Stat. § 17:14A-83 Custodial possession by commissioner; corporate title and existence

Notwithstanding the taking of custodial possession of the property of a safe deposit company by the commissioner: a. Title to all the property of the safe deposit company, including property held in fiduciary capacities, shall remain in the safe deposit company; b. The corporate existence of the safe deposit company shall continue unless terminated as provided in R.S. 17:14A-80; and c. The stockholders and directors of the safe deposit company shall be entitled to meet and the stockholders, directors and officers of the safe deposit company shall be entitled to act upon any matter which does not infringe upon the powers granted to the commissioner by R.S. 17:14A-80. L.1983, c. 566, s. 17:14A-83.

N.J. Stat. § 17:14A-84 Custodial possession by commissioner; notice to commissioner

A safe deposit company shall immediately notify the commissioner in writing of any of the actions or proceedings set forth in subsections a. through e. of R.S. 17:14A-80 instituted by or against the safe deposit company. L.1983, c. 566, s. 17:14A-84.

N.J. Stat. § 17:14A-85 Custodial possession by commissioner; surety bond

A safe deposit company shall file and keep on file with the commissioner a surety bond obtained from a surety company authorized to transact business in this State in an amount of not less than $25,000.00 and in form prescribed by regulation of the commissioner. The bond shall be conditioned for payment to the State for the benefit of the Department of Banking of the costs and expenses incurred by the commissioner in taking custodial possession of the property of a safe deposit company pursuant to R.S. 17:14A-80 in the event the safe deposit company is unable to reimburse the department for those costs and expenses. L.1983, c. 566, s. 17:14A-85.

N.J. Stat. § 17:14A-86 Standards for vaults

Vaults shall have walls, floors and ceiling of reinforced concrete at least 12 inches in thickness constructed as follows: a. Two grids of #5 ( 5/8 " diameter) deformed steel bars located in horizontal and vertical rows in each direction to form grids not more than four inches on center; or b. Two grids of expanded steel bank vault mesh placed parallel to the face of the walls, weighing at least six pounds per square foot to each grid, having a diamond pattern not more than 3 " x 8 " ; or c. Two grids of any other fabricated steel placed parallel to the face of the walls, weighing at least six pounds per square foot to each grid and having an open area not exceeding four inches on the center; d. Grids are to be located not less than six inches apart and stagger in each direction; e. The concrete shall develop an ultimate compression strength of at least 3,000 pounds per square inch; f. Electric conduits into the vault shall not exceed 1 1/2 inches in diameter and shall be offset within the walls, floor or ceiling so as not to form a direct path of entry; and g. A vault ventilator, if provided, shall be designed with consideration of safety to life without significant reduction of the strength of the vault wall to burglary attack. L.1983, c. 566, s. 17:14A-86.

N.J. Stat. § 17:14A-87 Standards for vault doors

Vault doors shall be made of steel at least 3 1/2 inches in thickness, or other drill and torch resistant material, and be equipped with a dial combination lock, a time lock, and a substantial lockable day-gate gate. L.1983, c. 566, s. 17:14A-87.

N.J. Stat. § 17:14A-88 Standards for safes

A safe shall weigh at least 750 pounds empty, or be securely anchored to the premises where located. The body shall consist of steel, at least one inch in thickness, either cast or fabricated, with an ultimate tensile strength of at least 50,000 pounds per square inch and be fastened in a manner equal to a continuous 1/4 inch penetration weld having an ultimate tensile strength of at least 50,000 pounds per square inch. The door shall be made of steel that is at least 1 1/2 inch in thickness and at least equivalent in strength to that specified for the body, and the door shall be equipped with a combination lock, or time lock, and with a relocking device that will effectively lock the door if the combination lock or time lock is punched. One hole not exceeding 1/2 inch diameter may be provided in the body to permit insertion of electrical conductors, but shall be located so as not to permit a direct view of the door or locking mechanism. L.1983, c. 566, s. 17:14A-88.

N.J. Stat. § 17:14A-89 Safe deposit box standards

A safe deposit box used to store and safeguard a lessee's personal property shall be enclosed in a vault or safe meeting the minimum standards set forth in R.S. 17:14A-86 and R.S. 17:14A-87 or R.S. 17:14A-88. L.1983, c. 566, s. 17:14A-89.

N.J. Stat. § 17:14A-90 Surveillance systems

A surveillance system shall be provided for each office of a safe deposit company which shall: a. Be equipped with one or more photographic, recording, monitoring, or like devices capable of reproducing images of persons in the safe deposit company office with sufficient clarity to facilitate (through photographs capable of being enlarged to produce a one-inch vertical head-size of persons whose images have been reproduced) the identification and apprehension of robbers or other suspicious persons. Any camera used in the system shall be capable of taking at least one picture every two seconds and, if it uses film, should contain enough unexposed film at all times to be capable of operating for not less than three minutes, and the film shall be at least 16mm, and (1) Located so as to reproduce identifiable images of persons either leaving the safe deposit company office or in a position to transact business at the office; and (2) Capable of actuation by initiating devices located throughout the office; b. Be reasonably silent in operation; and c. Be so designed and constructed that necessary services, repairs or inspections can readily be made. L.1983, c. 566, s. 17:14A-90.

N.J. Stat. § 17:14A-91 Robbery alarm systems

A robbery alarm system shall be provided for each office of a safe deposit company at which the police ordinarily can arrive within five minutes after an alarm is actuated. Robbery alarm systems shall be: a. Designed to transmit to the police, either directly or through an intermediary, a signal (not detectable by unauthorized persons) indicating that a crime against the office has occurred or is in progress; b. Capable of actuation by initiating devices located throughout the office; c. Safeguarded against accidental transmission of an alarm; d. Equipped with a visual and audible signal capable of indicating improper functioning of or tampering with the system; and e. Equipped with an independent source of power (such as a battery) sufficient to assure continuously reliable operation of the system for at least 24 hours in the event of failure of the usual source of power. L.1983, c. 566, s. 17:14A-91.

N.J. Stat. § 17:14A-92 Burglary alarm systems

A burglary alarm system shall be provided for each office of a safe deposit company. Burglary alarm systems shall be: a. Capable of detecting promptly an attack on the outer door, walls, floor, or ceiling of each vault, and each safe not stored in a vault, in which personal property of lessees are stored when the office is closed, and any attempt to move a safe; b. Designed to transmit to the police, either directly or through an intermediary, a signal indicating that an attempt is in progress; and for offices at which the police ordinarily cannot arrive within five minutes after an alarm is actuated, designed to actuate a loud sounding bell or other device that is audible inside the office and for a distance of approximately 500 feet outside the office; c. Safeguarded against accidental transmission of an alarm; d. Equipped with a visual and audible signal capable of indicating improper functioning of or tampering with the system; and e. Equipped with an independent source of power (such as a battery) sufficient to assure continuously reliable operation of the system for at least 80 hours in the event of failure of the usual source of power. L.1983, c. 566, s. 17:14A-92.

N.J. Stat. § 17:14A-93 Notice of crime

The board of directors of a safe deposit company shall promptly notify the commissioner of any crime committed or attempted to be committed against the safe deposit company by any person even though the crime or attempted crime has not resulted in a loss. L.1983, c. 566, s. 17:14A-93.

N.J. Stat. § 17:14A-94 Rules and regulations

In addition to other powers and duties vested in him by this chapter or by any other law, the commissioner is authorized and empowered to make reasonable rules and regulations not inconsistent with the provisions of this chapter, and specific rulings, demands and findings as he may deem necessary for the proper operation and enforcement of this chapter. The commissioner's authority to make rules and regulations may include higher or equivalent modifications in the standards for the construction of vaults, vault doors, safes, safe deposit box standards, surveillance, robbery and burglary alarm systems when the commissioner deems those modifications are warranted and continue to maintain protection of the safe deposit company. L.1983, c. 566, s. 17:14A-94.

N.J. Stat. § 17:14A-95 Dissolution

A safe deposit company may be dissolved in the manner provided by chapter 12 of Title 14A, Corporations, General of the New Jersey Statutes, except that filings thereunder shall be made in the department. L.1983, c. 566, s. 17:14A-95.

N.J. Stat. § 17:14A-96 Filing fees

A safe deposit company shall pay to the commissioner for the use of the State: a. For filing an application for charter ...... $2,500.00 b. For the issuance by the commissioner for a certificate of authority .......... 100.00 c. For filing the original certificate of incorporation .......... 50.00 d. For filing a certificate of amendment of a certificate of incorporation or an amended certificate of amendment .......... 50.00 e. For filing any other certificate .......... 10.00 f. For filing an application of the establishment of a branch office .......... 500.00 g. For filing an agreement of merger per company .......... $1,500.00 h. For filing a plan for consolidation per company ....... 1,500.00 i. For filing a report required by this chapter or any other law .......... 25.00 j. For filing an affidavit .......... 10.00 k. For filing proof of publication and mailing or other proof required by this chapter or any other law .......... 10.00 l. For filing application for approval of a change of principal office or branch office ........ 250.00 m. For the issuance of a certified copy of any certificate of incorporation or agreement of merger or plan for consolidation or any other certificate or affidavit ......... 10.00 plus $1.00 per page n. For application for control of safe deposit company ....... 1,000.00 o. For filing certificate of dissolution ...... 35.00 L.1983, c. 566, s. 17:14A-96.

N.J. Stat. § 17:14A-97 Statutes repealed

The following are repealed: R.S. 17:14-1 to R.S. 17:14-8 inclusive. L.1983, c. 566, s. 17:14A-97.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026

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