N.J. Admin. Code § 3:34-1.10

Current through Register Vol. 56, No. 19, October 7, 2024

Section 3:34-1.10 - Substitution of collateral

Public depositories shall have the right to make substitutions of eligible collateral between valuation dates without notification to and approval by the Commissioner; provided that any substituted collateral shall have a market value as of the date of substitution that is at least equal to the market value of the collateral so replaced as reported on the last valuation date. Any withdrawal of pledged collateral without replacement as aforesaid requires the prior approval of the Commissioner. A written request to the Commissioner requesting such withdrawal of collateral shall indicate the collateral to be withdrawn and the reason or reasons for such withdrawal. The Commissioner shall transmit to the public depository his or her approval or disapproval of such withdrawal in writing.