17:12B-318. Contents of amended certificate of incorporation
191 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-318·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event that the board of directors elects to follow the procedures provided in paragraph
(2)of subsection c. of section 7 of this act, the directors shall, with the approval of the commissioner:
a. Adopt an amended certificate of incorporation which changes the name of the organizing mutual state association and conforms its organization, governance and powers to those prescribed for a mutual state association holding company by section 8 and sections 10 through 15 of this act.
b. The amended certificate of incorporation adopted pursuant to subsection a. of this section shall state:
(1)The amount of capital deposits and surplus which are to be retained by the organizing mutual state association holding company;
(2)The amount of assets and liabilities of the organizing mutual state association that are to be transferred to the subsidiary capital stock state association; and
(3)A means of retaining any interests of the respective members of the organizing mutual state association in the assets of the organizing mutual state association, according to a fair valuation, including assets which are proposed to be retained by the organizing mutual state association holding company.
L.1989,c.165,s.27.