17:9A-356. Bank shares; acquisition by corporations
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/nj/title-17/chapter-9a/17-9a-356A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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(1)An acquiring corporation may acquire ownership of all the outstanding shares of the capital stock of one or more banks in the manner provided by this act.
(2)Shares of capital stock of an acquiring corporation, or other securities convertible into such shares, may be issued or delivered in exchange for shares of capital stock of one or more participating banks pursuant to a plan of acquisition without first being offered to existing shareholders of the acquiring corporation,
(i)except, in the case of an acquiring corporation organized on or after January 1, 1969, as otherwise provided in its certificate of incorporation, or
(ii)if, in the case of an acquiring corporation organized prior to January 1, 1969, its certificate of incorporation, as amended, so provides.
(3)The method of acquiring bank shares authorized by this act is not exclusive, but is in addition to any other lawful methods for the acquisition of bank shares by corporations.
L.1969,c.118,s.2; amended 1996, c.17, s.26.