17:9A-151. Capital stock and surplus
95 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-151A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The capital stock and surplus of a bank incorporated pursuant to this article shall be at least equal to the minimum capital stock and surplus required by section 4, and shall be in such greater amount as the commissioner may deem to be necessary in the public interest. The capital stock and surplus of such bank need not be paid in cash, but may consist of assets of the national banking association approved by the commissioner as to value.
L.1948, c. 67, p. 290, s. 151. Amended by L.1951, c. 41, p. 151, s. 5.