17:16J-16. Protection of depositors; stockholder voting
126 words·~1 min read·
/nj/title-17/chapter-16j/17-16j-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To protect the interest of the depositors of any depository in a supervisory merger or acquisition, the commissioner may waive the provisions of this or any other law or regulation if he deems it necessary to effectuate the purposes of this act. With respect to stockholders of a depository which is a party to a supervisory merger or supervisory acquisition, if the commissioner waives the stockholder voting provisions of this act, he shall require that the merger agreement include a provision which will provide stockholders with substantially the same right of dissent and appraisal of their shares which they would have had if the merger or acquisition had been effected without a waiver of the stockholders' vote.
L.1982, c. 8, s. 16, eff. March 4, 1982.