17:9A-154. Issuance of stock
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/nj/title-17/chapter-9a/17-9a-154A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Stockholders of a national banking association who do not demand payment for their shares of stock as specified in section 153, shall become stockholders of the bank, and shall be entitled to receive stock of the bank in an amount which bears the same ratio to the entire capital stock of the bank that the stock held by such stockholder in the association bore to the entire capital stock of the association. In the exchange of stock, the bank may issue preferred stock to those who held preferred stock in the association, and may provide for such of the priorities and preferences to which such stock was entitled when held in the association, as may be lawful under the provisions of this act.
L.1948, c. 67, p. 291, s. 154.