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Code · New Jersey · Title 17 — Notice and Publication · Chapter 9A

17:9A-128. Priority on dissolution

66 words·~1 min read·/nj/title-17/chapter-9a/17-9a-128

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Upon a bank's dissolution in any manner, the holders of preferred stock shall be entitled to receive in full the amount specified in the certificate of incorporation or merger agreement providing for the issuance of preferred stock, before any distribution is made to the holders of common stock.
L.1948, c. 67, p. 281, s. 128. Amended by L.1977, c. 417, s. 6, eff. Feb. 24, 1978.
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