17:9A-27.53. Certificate of bank; findings of commissioner; approval
322 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-27-53·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Prior to the date of the issuance of authorized and unissued shares of the capital stock of a bank for the purposes of this act, a certificate made by 2 officers of the bank, one of whom shall be the president or a vice-president, shall be filed in the Department of Banking and Insurance, stating:
(1)The date upon which the stock option plan was adopted by the board of directors and approved by the stockholders as hereinabove provided;
(2)The date upon which the option or options were granted pursuant to such stock option plan;
(3)The consideration paid for the purchase of the stock;
(4)The fair market value of the shares of capital stock subject to the option on the date the option was granted;
(5)The amount of the shares of the capital stock of the bank to be issued;
(6)The amount of the capital stock and surplus of the bank after the exercise of such option and the issuance of capital stock pursuant thereto.
B. If the Commissioner of Banking and Insurance finds that the certificate of incorporation of the bank, or an amendment thereof, provides for authorized but unissued shares of the capital stock of the bank for the purposes of this act, and if he finds from the certificate filed pursuant to subsection A of this section, that the issuance of such stock conforms to the provisions of this act, he shall endorse his approval upon the certificate and shall file it in the Department of Banking and Insurance.
A certificate filed in the department pursuant to this subsection shall be deemed for all purposes to be an amendment of the certificate of incorporation of the bank to the same effect as if it had been authorized, executed, approved and filed in the department pursuant to Article 19 of the act of which this act is a supplement.
L.1964, c. 202, s. 4.