3B:20-22. Authority to exchange or convert
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/nj/title-3b/chapter-20/3b-20-22A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When a bank holding company which is a corporation acquires 80% or more of the outstanding capital stock of a banking institution, any shares of the capital stock of the banking institution held in a trust estate by a fiduciary may be exchanged for or converted into the capital stock of the bank holding company as an incident of the company's acquisition of the shares.
L.1981, c. 405, s. 3B:20-22, eff. May 1, 1982.