17:9A-6.2. Certificate of amendment, procedure, filing
267 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-6-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. Prior to the time when authorized or unissued shares are issued by a bank, a certificate of amendment made by two 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. The certificate of amendment shall state
(a)the amount of the authorized but unissued stock which will be issued;
(b)the consideration which will be received by the bank on the issuance of such stock;
(c)the date upon which the stock will be issued; and
(d)the amount of the bank's capital stock which will be outstanding, and the amount of its surplus after giving effect to such issue. A filing shall be deemed approved on the 30th day after receipt by the commissioner, unless approved or disapproved earlier by the commissioner in writing. Upon approval pursuant to this section, the certificate of incorporation shall thereupon be amended as set forth in the certificate of amendment. The commissioner may disapprove a filing if the commissioner finds that the issuance of the stock will be in violation of law or contrary to the public interest or that the bank's original or amended certificate of incorporation does not provide for authorized but unissued stock. A certificate filed in the department pursuant to this section shall be deemed for all purposes to be an amending of the bank's certificate of incorporation with the same effect as if it had been authorized, executed, approved and filed in such department pursuant to article 19 of P.L.1948, c.67 (C.17:9A-116 et seq.).
L.1970,c.294,s.2; amended 2000, c.69, s.1.