New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 9A-388

(1) Convert to a capital stock savings bank pursuant to section 26 of this act;  2 or

(2) If the mutual savings bank holding company has formed a subsidiary capital stock savings bank pursuant to sections 16 through 24 of this act,  3 either (i) merge with the subsidiary capital stock savings bank pursuant to section 25 of this act  4 or (ii) sell or transfer its assets and liabilities to the subsidiary capital stock savings bank and dissolve pursuant to article 32 of P.L.1948, c. 67 (C. 17:9A-207); or

(1) Incorporating a subsidiary capital stock savings bank pursuant to sections 16 through 24 of this act; and

(2) Transferring the substantial part of the organizing mutual savings bank's assets and liabilities, including all of its deposit liabilities, to the subsidiary capital stock savings bank in return for a majority of the capital stock of the subsidiary capital stock savings bank in accordance with section 17 of this act. Capital deposits and surplus in an amount approved by the commissioner may be retained by the organizing mutual savings bank, which shall be deemed a mutual savings bank holding company, if it follows the procedures set forth in section 27 of this act;  5 or