17:9A-141. Appointment of appraisers
185 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-141A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a stockholder fails to accept the sum offered for his shares pursuant to section one hundred forty, he may, within three weeks after the receipt by him of the bank's offer of payment, or, if no offer is made by the bank, within three weeks after the date upon which his demand was served upon the bank as specified in section one hundred forty, institute an action in the Superior Court for the appointment of a board of three appraisers to determine the value of his shares of stock as of the day of the filing of the merger agreement pursuant to section one hundred thirty-seven.
The court may proceed in the action in a summary manner or otherwise. Any other stockholder who has the right to institute a similar action may intervene. The court shall, in respect to any one bank, appoint a single board of three appraisers to determine the value of the shares of all stockholders of such bank who are parties to such action.
L.1948, c. 67, p. 286, s. 141. Amended by L.1953, c. 17, p. 169, s. 24.