17:9A-133. What banks may merge; means of effectuation of merger
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/nj/title-17/chapter-9a/17-9a-133A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any two or more banks may, with the approval of the commissioner, merge one or more of them into another of them as provided in this article.
B. A merger may be effected by any one or by any combination of any two or more or all of the following methods:
(1)By the exchange of shares of capital stock of each merging bank for the shares of capital stock of the receiving bank;
(2)By the exchange of shares of capital stock of each merging bank for the shares of capital stock of a company as such term is defined in paragraph
(3)of section 132 (C. 17:9A-132);
(3)By the exchange of shares of capital stock of each merging bank for capital notes of the receiving bank;
(4)By the exchange of shares of capital stock of each merging bank for cash received from the receiving bank or from a company as such term is defined in paragraph
(3)of section 132 (C. 17:9A-132);
(5)By the exchange of shares of capital stock of each merging bank for capital notes of a company as such term is defined in paragraph
(3)of section 132 (C. 17:9A-132).
L.1948, c. 67, p. 281, s. 133. Amended by L.1968, c. 415, s. 3; L.1973, c. 211, s. 3, eff. Jan. 1, 1973; L.1977, c. 417, s. 8, eff. Feb. 24, 1978.